Could international money transfers cut Florida property prices further?

International money transfers to the US could help to cut property prices in Florida even further.

According to reports from the Miami Association of Realtors (MAR) and the Southeast Florida Multiple Listing Service, sales in the Miami-Dade region of the state have been on the rise thanks to low prices.

Indeed, sales in November were up by 26 per cent compared to the same month in 2009.

Furthermore, volumes of sales in the region rose by 2.3 per cent between October and November this year.

MAR chairman Jack Levine told Overseas Property Professional: "This is a very positive sign for the South Florida real estate market.

"Buyers continue to recognise the great value and opportunities the current market offers."

Sales totalled 10,495 last month, while in November 2009 there was a total of 8,288 properties sold.

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Posted by Thomas Smith