MIAMI—Downtown Miami's residential real estate market is seeing both international and domestic demand, driving a strong rise in sales prices, property values, and occupancy over the past 12 months. So says new data the Miami Downtown Development Authority (DDA) released on what has become one of the most active residential real estate markets in the Americas.

“Downtown Miami is now a 24-7 urban center recognized internationally for its cultural institutions, quality of life and global businesses,” says Marc Sarnoff, City of Miami District 2 Commissioner and Chairman of the Miami DDA. “The real estate market is reflective of downtown's status, attracting buyers, tourists, and residents from countries across the globe who have helped usher in the next development cycle.”

Key findings of the Greater Downtown Miami Real Estate Market Annual Summary Report, conducted by Focus Real Estate Advisors, show average unit sales price is skyrocketing and occupancy has surpassed equilibrium. The study also shows inventory has all but disappeared, renters rule and a new construction cycle is well underway.