Miami luxury real estate has appreciated in price more than any other major city around the globe over the past 6 months. According to Knight-Frank’s most recent Prime Global Cities Index, luxury real estate in Miami rose by 22.4% through the 6 months ending in March 2015. No other city in the entire world was able to accomplish a double-digit increase. With prices going down 1.1% in New York over the same time period, it is no wonder why New Yorker’s are flocking to Miami to buy luxury homes and condos.
Over the past year, Miami luxury real estate increased by 12.2%, which tagged it third in the world, following only San Francisco and Bangalore, India. New York showed a loss of 4.4% in real estate prices over the same period.
The report defines luxury property as the top 5% of the market.
In addition, earlier this year Knight-Frank ranked Miami as the 6th most important city to ultra-high-net-worth individuals (“UHNWI’s”). With our tropical climate, diverse culture and overall luxury lifestyle, it is no surprise that Miami is sought after by the ultra-wealthy.
