MIAMI—Downtown Miami continues to buck national real estate trends, thanks in part to sustained investment from international buyers in rebounding domestic market. And a new study from the Miami Downtown Development Authority (DDA) proves it.

The DDA report shows that residential condo sales and rental activity in Miami’s urban core is accelerating while prices are rising at an average rate of 10% per year since 2009. The findings not only highlight Miami’s strength as a global destination for residential homebuyers and inbound investors, but also reflect the diminishing supply of condo units from the last wave of condo construction.

“Miami has become a magnet for investment—a trend that is likely to continue as businesses from all parts of the globe seek to capitalize on all the opportunities this city has to offer,” Marc Sarnoff, City of Miami Commissioner and Miami DDA chairman, tells GlobeSt.com. “The result is a thriving urban core and an unprecedented level investment in everything from our real estate and hospitality markets to our arts and culture and transportation infrastructure.”

Specifically, data shows that the total of 1,000 sales in the first quarter of 2012 was up about 26.7% from 789 during the first quarter of 2011. The average unit sales price for the 12-month period ending March 31, 2012 was $371,084, a 5.2% jump over the same period one year earlier.
 
The report also finds that downtown Miami’s rental market remains among the nation’s most active, with leasing volume for the 12-month period from April 2011 through March 2012 (4,584) slightly higher than the same 12-month period (4,559) the previous year.

“This report underscores the strength and long-term viability of the downtown Miami market,” Alyce Robertson, Miami DDA executive director, tells GlobeSt.com. “Sales and leasing are only increasing as prices rise due to demand for urban living. This is a trend that is taking shape across the country and downtown Miami is one of the best success stories we’ve seen yet.”

When the DDA first began tracking sales and leasing velocity for the area, Robertson admits the group didn’t know what to expect. But with each report that comes out, she says, the DDA is more confident in the health and viability of the market.
 
It seems condo developers agree. Additional condominium projects have been announced, including BrickellHouse by Newgard Development Group and MyBrickell by the Related Group.  Downtown Miami’s residential population is expected to grow to more than 85,000 over the next few years as the remaining inventory is absorbed, and new projects are completed.

“All eyes are on Miami as it emerges as a global city and international destination, says Sarnoff. “As a result of this heightened interest, we are seeing investments in everything from our real estate and hospitality markets to our arts and culture and transportation infrastructure.”