(PRWEB UK) 22 December 2012
According to research highlighted by property investment specialists Colordarcy, Miami property is now one of the fastest growing property markets in the world. Any doubts about a revival were dispelled by a rapid increase in sales and prices that has seen Miami rise to third in the most recent Knight Frank Prime Cities Index.
Property prices in Miami grew 18% year-on-year and this was beaten only by Dubai and Jakarta at 19.9% and 28.5% respectively
Yet even with this exceptional growth in 2012, there are still upmarket luxury apartments available in downtown Miami for prices starting at just £130,000 / $207,900.
Prices are unlikely to remain this low for long, however, as analysts have predicted that this latest housing boom is just the start and there is more to come in 2013. J.P. Morgan for example expects U.S. home prices to rise by up to 9.7% in its most optimistic growth scenario for next year.
Loxley McKenzie, Managing Director of Colordarcy commented, “We predicted that Miami would be one of the star performers of this year. But the pace of growth in Miami and Florida surprised even us. While investors should also be focusing on the income they can generate from tenants, such strong capital growth comes as a real bonus.”
Colordarcy highlights that “net demand” for housing in the US this year has topped 2 million homes for the first time since 2006 while U.S. home prices nationwide have increased 6.3% year-on-year, the biggest increase seen since June 2006 (Source: CoreLogic).
McKenzie added, “A combination of home shortages and strong demand have pushed the prices of property in Florida and Miami higher in every month of 2012, making the sunshine state popular with investors.
Miami has a GDP higher than the national economies of Hong Kong or Portugal and a growing population, therefore I am inclined to agree with US analysts that the best is yet to come for investors who are looking for a fast return on their investment.”
Notes to the editor:
Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.
For more information, supporting pictures or logo artwork, please contact:
Tel: +44 (0) 207 100 2393