Who’d have known that the country’s high unemployment, weak currency, and bloated inventory of homes could lead to an unusually attractive buyer’s market? Indeed, the combination of these three negatives has attracted the international investor class, helping stabilize the housing market for a few key cities.

In Miami, swanky condo complex Viceroy has buyers raving about its Kelly Wearstler-designed place and hotel-like amenities, such as room service food by a celebrity chef, daily housekeeping, and poolside libations. A total of 262 of its 372 units have been sold since the start of the year. And 90% of the buyers were foreigners – and they have all paid in cash.

This is very telling of the trend in Miami, where buyers from Canada, Argentina, France, Israel, Colombia, Italy, Venezuela, and Norway are flocking in to Miami real estate sales offices. These foreign investors once would have shelled out their cash in the U.S. stock market but are now seeing greater potential in real estate: they could buy a property now at its deflated price, rent it out, and then sell when the economy turns around. Take Viceroy’s case: prices have been slashed in half in that units that once sold for $670 per square foot are now just averaging $319.

But the trend is not just apparent in Miami, but in other key cities as well. Foreign investors are also attracted to Los Angeles, San Francisco, New York, Las Vegas, and Washington. Real estate data outfit Information Market reveals that there are now more Canadian buyers than Californians in Phoenix, reinforcing what seems to be an emerging trend.

Even the National Association of Realtors confirms the foreign attraction to the U.S. housing market. The July report says 28% of brokers worked with at least one international client, with 18% of them completing a sale. Last year, the number of brokers reporting work with an international client was just at 23% and the number saying they closed the deal was just 12%.

Though very much lucrative, the housing market does not come without risks for foreigners. With the economy far from a steady growth, a reverse in currency values may push a foreign buyer into selling. A renter may also leave in the middle of the night, leaving no income for the acquired property.

With foreigners accounting for only 7% of the national total, their surge into the housing market can hardly turnaround the country’s economy. In the key cities (like Miami and Washington), though, where their numbers are high, the housing market is beginning to stabilize.