Knight Frank 2017 Wealth Report Released Posted on March 3, 2017March 3, 2017 by Michael Light Knight Frank Residential, the largest real estate consultancy in the world and exclusive partner of Douglas Elliman, just released their 2017 Wealth Report, which reflects the global perspective on prime property and investment. Furthermore, the Wealth Report is a signature international property intelligence publication that provides everyone worldwide with a vast amount of valuable, shareable information and facts about global property and wealth. Download: Knight Frank 2017 Wealth Report A few key features from this year’s Wealth Report reveal that the value of the world’s leading prime residential property markets rose and that investing in Miami real estate gives you an incredible value proposition. The value of the world’s leading prime residential property markets rose on average by 1.4% in 2016, compared with 1.8% growth in 2015, according to the latest results of Knight Frank’s unique Prime International Residential Index (“PIRI“), which tracks the value of luxury homes in 100 key locations around the globe. How many square feet/square meters can USD $1Million buy you around the top luxury markets in the world? 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 280 square feet of space in NYC per $1Million compared to 850 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 and financial banking hub….screams….BUY REAL ESTATE IN MIAMI! Monaco: 183 sq/ft (17 sq/m) Hong Kong: 215 sq/ft (20 sq/m) New York: 280 sq/ft (26 sq/m) London: 323 sq/ft (30 sq/m) Geneva: 452 sq/ft (42 sq/m) Singapore: 463 sq/ft (43 sq/m) Shanghai: 495 sq/ft (46 sq/m) Paris: 592 sq/ft (55 sq/m) Beijing: 624 sq/ft (58 sq/m) Sydney: 635 sq/ft (59 sq/m) Los Angeles: 657 sq/ft (61 sq/m) Miami: 850 sq/ft (79 sq/m) Berlin: 936 sq/ft (87 sq/m) Tokyo: 980 sq/ft (91 sq/m) Mumbai: 1,066 sq/ft (99 sq/m) Istanbul: 1,098 sq/ft (102 sq/m) Melbourne: 1,184 sq/ft (110 sq/m) Dubai: 1,744 sq/ft (162 sq/m) Sao Paulo: 1,894 sq/ft (176 sq/m) Cape Town: 2,250 sq/ft (209 sq/m) Knight Frank 2017 Wealth Report | Relative Values Worldwide If you, or someone you know, are interested in learning more about the local real estate market in Miami and Miami Beach, please contact Michael Light, Founder/Owner of the Miami Luxury Homes Group at Douglas Elliman. You may reach Michael directly at his office at (305) 350-9842, on his cell phone at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Knight Frank 2016 Wealth Report Released Posted on March 10, 2016 by Michael Light 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 PIRI 100 from the 2016 Knight Frank 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.