The housing market in Miami has nearly bottomed out and prices are now 50 per cent lower than they were last year, according to one expert.

Senior partner with the International Law Partnership John Howell told the Press and Journal that Florida property investors can now purchase "good-quality, well located property" at a much discounted price.

"The bottom of the Miami property market has been reached, or is very close to being reached, so this is an excellent time to buy for capital growth over the medium term," he said.

He added that some homes are being sold for less than it costs to build them.

The International Law Partnership suggested that there a number of ways to find success in overseas property investment during 2009, including buying reduced homes in quality areas, purchasing in timeless destinations that don’t lose their appeal or finding distressed sales.

Recently, Sean Tipton, a spokesperson for ABTA – The Travel Association, said that Florida is a holiday destination that has an enduring popularity with British families.

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