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Knight Frank Residential, the largest real estate consultancy firm in the world, in connection with its exclusive partner Douglas Elliman Real Estate, the #1 Brokerage in Manhattan and Miami Beach and top luxury firm in the U.S., just released their 2019 Wealth Report, which reflects the global perspective on prime property and investment, including key wealth trends and property hotspots around the world. The Wealth Report examines investment trends covering almost 100 countries and 100+ cities, including what US$1M buys you around the world.
The 2019 Wealth Report gives our clients insight on what the next 12 months has in store for us. The multitude of global, economic and political issues continue to be unresolved and have become even more complex in many countries. Nevertheless, we remain optimistic about 2019 because while there still may be challenges, there will be considerable opportunities for many as the markets continue to shift. In this year’s edition of The Wealth Report, we highlight the residential and commercial markets around the globe that offer great investment opportunities for those looking to purchase real estate.
Below is a list of the top 20 luxury market cities worldwide broken down into square feet. Notice Miami’s location on the chart, which shows the value proposition of buying real estate in Miami instead of other top destination cities. For instance, you only get 334 square feet of space in NYC per US$1Million compared to 1,001 square feet in Miami. The value proposition for tropical Miami coupled with the fact that Miami has reinvented itself as a creative tech hub, an international cultural destination, a financial banking hub and a low tax status destination….screams….BUY REAL ESTATE IN MIAMI!
Relative Values – How much US$1 Million will buy in key cities around the globe
Below is a graph highlighting the top objects of desire for 2019 based on DE | KF’s Luxury Investment Index, which shows that rare whiskey is the hot new trend, as it is expected to have 40% annual growth. Further, trends are usually forecasted based on the past, so it is important to note that in 2018, a bottle of Macallan 1926, hand painted by Michael Dillon sold for US$1.5 Million, making it the most expensive bottle of whiskey to ever sell. WOW!
2019 Objects of Desire – 12 Month Change in Asset Value & Top Sales of 2018
This is the 1st edition of Urban Futures, which is a report on the increasingly prominent topic of housing affordability around the world. Although this has become a critical issue for cities all around the globe, it is often viewed not on the forefront of our discussion. This Urban Futures report lays out an overview of solutions that are currently being implemented in some of the leading cities around the world and gives insight to those city authorities that have not yet begun this process.
This inaugural edition of The Global Ultra-Prime Market 2019 is a report showcasing the global assessment of ultra-prime residential markets. This information is based on market data gathered from across the world to confirm the actual extent of the world’s top-tier residential locations.
The Prime Global Forecast is a resourceful report providing insight on how the economic landscape around the globe is changing and its effects around the world. As monetary policy normalizes and geopolitical jitters increase in many countries, we must remember with risk, comes great opportunity.
If you are interested in the local real estate market in Miami and Miami Beach, please contact Broker Michael Light. Michael is the Senior Director of Luxury Sales and a member of the exclusive Sports & Entertainment Division at Douglas Elliman Real Estate. You may reach Michael directly at (786) 566-1700 or michael@miamiluxuryhomes.com.
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