MIAMI-Despite the global economic volatility, Downtown Miami continues to appeal to investors. So says a new study by the Miami Downtown Development Authority.

Conducted in the second quarter of 2011, the report reveals that sales activity is stabilizing and prices are rising as condominium supply diminishes following Miami’s most recent construction boom. Of the more than 22,000 condominium units initially built since 2003, only 4,200 units remain unsold, and year-over-year pricing has risen 5% as demand outpaces supply.

“The market continues to show strength,” Leo Zabezhinsky, manager of Business Development & Real Estate for the Miami DDA, tells GlobeSt.com. “This notion that there were going to be buildings that sat vacant for 10 years never materialized. All of this positive news is leading some major REITs to consider new development projects.”