Knight Frank, partnered with their global alliance Douglas Elliman, just released their annual 2016 Wealth Report, which reflects the global perspective on prime property and investment.
DOWNLOAD: Knight Frank 2016 Wealth Report
The value of the world’s leading prime residential property markets rose on average by 1.8% in 2015, according to the latest results of Knight Frank’s unique Prime International Residential Index (“PIRI“). This average was similar to the 2% growth seen in 2014. However, in 2015 over 66% of the PIRI 100 locations recorded flat or positive price growth, compared with 62% in 2014.
Looking at our specific market, out of the 100 cities on the PIRI, Miami ranked 14th overall with a price growth of 6.4%, which is over 3 times that of the average! Further, Miami ranks as the 2nd highest price growth when comparing only the cities in the U.S., second only to San Francisco.
Miami’s real estate market, specifically in certain neighborhoods in and around Miami and Miami Beach, is continuing to see major growth and is a great place to invest. So, if you, or someone you know, are interested in purchasing real estate in Miami, or simply have a question about the Miami market, please contact Michael Light of Douglas Elliman. You may reach me on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.