Compared to 2010 sales data, Miami sales have been booming.

Property investment is exploding in Miami, with sales in the long-depressed market skyrocketing between 33% and 47% higher than they were last year.

According to the data from the Miami Association of Realtors (MAR), sales of existing single-family homes rose 47 percent from July 2010, while sales of existing condominiums increased 33 percent compared to July 2010.

Jack Levine, the chairman of the board for MAR, said, “Miami is a hotspot for tourists, the entertainment industry, and global corporations, generating attention from around the world and boosting the local real estate market.”

Levine continued: “While local housing inventory has declined dramatically over the last three years, the local market still offers opportunities for all types (of) buyers and competitive pricing compared to many US and international markets.”