International buyers lead the way in Miami market

Florida's housing market has had more downs than ups as of late, but one sector is experiencing significant growth.

Foreign homebuyers from South America and Europe are purchasing many of the state's most expensive real estate in posh areas like Miami, reported AOL Real Estate. Many are doing so with straight cash as opposed to securing financing, with one real estate agent telling the news site that 60 percent of her clients who pay in cash come from overseas. These buyers are not interested in America's mortgage system, which many see as slow and overly-regulated, said the website. Instead, they would like to put down roots in America for the purpose of building credit and earning a visa, and do so without having to pay a mortgage.

For their part, some agents prefer cash customers when dealing with luxury properties. "Cash is king," broker Esther Percal told AOL. "It has been a long time since most of us in luxury real estate have had to deal with financing and, frankly, cash buying relieves stress and alleviates red tape."

Miami's declining home values, as reported by financial website Zillow.com, may deter some from moving to the area.

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