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The Real Deal Miami

The reason for Miami’s real estate boom

March 06, 2012 10:30AM

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Several forces have helped Miami’s real estate market boom in recent years, from its size as the nation’s eighth-largest metropolitan area, to its role as hub of the South Florida economic region — at $430 billion in economic output, bigger than Norway. It’s also because of Miami’s draw for international buyers, according to Richard Florida. “Miami is not just a resort destination, but a global economic spike,” Florida wrote in The Atlantic Cities. “Miami fills an intriguing niche in the global economy, which combines elements of a global economic and financial center and an international resort and second-home destination, with all the growth and unevenness that comes with it.” [The Atlantic Cities]