Foreign Buyers Boost Miami Housing Market - Voice of America

Miami's rapid growth at one time earned it the nickname the "magic city. Realtors The Miami Association of Realtors says the city's home sales are up 50 percent so far this year, while overall U. Oliver Ruiz, managing broker at Fortune International Realty and former residential president of the Miami realtors' association, said the market is improving faster than anyone expected. He said Brazilians are especially active right now, and also cited recent sales to Chinese buyers. Gonzalez said the building has just 5 percent of its inventory left. In addition to the currency benefit, he said Miami has its own special appeal. It has an attractiveness that the rest of the country does not have for us Latin Americans," he said. And in many neighborhoods away from the urban centers, the effects of the housing crisis are still visible.