A growing number of foreign buyers are looking to the US market for investment opportunities, with Florida the favoured destination. Real estate agents in Miami have reported an influx of buyers from Europe, South America and Canada as prices in the state remain at rock bottom.
Property prices in Miami have fallen by almost half since the real estate bubble peaked in 2006, according to Standard & Poor's Case-Shiller 20-City Home Price index.
And analysts have predicted that prices in the market are unlikely to increase until banks are able to sell off all their foreclosed properties and further job opportunities are created.
Foreclosed properties owned by banks in the area go for less than USD 100,000 and two bedroom, two bathroom apartments for as little as USD 130,000.
"The buying opportunities are maybe the best ever. Who knows if we’ll see prices again like today’s in Miami Beach," Keys Real Estate agent Michelle Iglesias told AFP.