Miami has become a magnet for overseas investors, with foreign cash buyers pricing local purchasers out of the most sought-after homes, says USA Today. In fact, the mix of new property in the city is changing, with developers building mostly high-priced condos and homes to match the international demand.

“Ninety per cent of new construction underway in Miami right now is unaffordable for 90% of the population that lives here,” says Jack McCabe, a real estate analyst with McCabe Research & Consulting.

Due to demand from international investors attracted by the relative security of the American property market, Miami has become one of the most expensive cities in the USA to buy or rent a home.

Florida has the highest proportion of cash sales for homes, according to the latest figures from analysts CoreLogic, with 54.6% of home purchases made without a mortgage.