The 2023 Douglas Elliman | Knight Frank Wealth Report Delivers Promising News For Miami

 
Knight Frank Residential, in partnership with Douglas Elliman, has released its 2023 Annual Wealth Report which includes some bright news for the Miami market. This comes as a relief since most metropolitan areas in the United States are in a season of plummeting sales and sales volume and Miami is holding strong. Here’s why.

For starters, the price per meter for luxury properties is still quite affordable when compared to other major metropolitan areas around the globe. At 64 square meters per $1 million USD (689 square feet), Miami offers the most space per dollar of the major cities in the United States, adding also a favorable tax climate and continued demand for housing. To put this into perspective with $1 million USD, you could purchase a 689-square-foot residence in Miami, or if you needed to live in New York, you would only be able to purchase a residence with 355 square feet. 

Essentially Miami is taking away buyers from New York and Los Angeles, where residents not only pay more per square foot but also are taxed at a higher rate than in the Sunshine State.

Douglas Elliman Knight Frank Wealth Report 2023 Price per Metre

Another key factor of Miami’s growth is the Prime Price Forecast, which predicts which locations should see an increase over the next 12 months. Trailing only Dubai, Miami is the top city in the United States and second in the world. It is expected to see a 5% increase of value over the next 12 months, considering we do not have to contend with another major market disruptor such as COVID.

Douglas Elliman Knight Frank Wealth Report 2023 Prime Price Forecast

Speaking of COVID, this is the first year that we have a full data set of behavior in the post-COVID world and things have been shaken up considerably. Destination locations such as Miami area more heavily in demand due to ease of access and connectivity, with an amazing climate and lifestyle offerings. The open markets of America and lack of conflict also work in our favor when compared to Asian or many European and Middle Eastern areas where residents might be taxed more heavily and under greater political control.

The 2023 Wealth Report also demonstrates the fact that Miami is officially the top US city where millionaires are buying second and third homes. In fact, residential real estate remains the top investment for HNWI (high net worth individuals).

Douglas Elliman Knight Frank Wealth Report 2023 Portfolio Make Up

Knight Frank Residential is the premiere international luxury real estate firm that individually operates across Europe, Asia, Africa and Australia. A partnership was formed years back between Knight Frank Residential and Douglas Elliman, the highest-grossing luxury real estate firm in the United States, that was founded in New York City in 1911. Joining forces, the two companies provide a synergy to high net worth and ultra high net worth individuals to service their property needs with 523 offices in 60 countries across 6 continents.

To peruse the 2023 Douglas Elliman | Knight Frank Wealth Report in its entirety, it can be downloaded here.

If you, or someone you know, are interested in purchasing luxury real estate in Miami and/or Miami Beach, please contact Broker Michael Light, Founder/Owner of the Miami Luxury Homes Group at Douglas Elliman Real Estate, Senior Director of Luxury Sales at Douglas Elliman and a member of its elite Sports & Entertainment Division. Michael has over 15 years of experience working with influential buyers from all over the world and is an expert on educating buyers on market statistics and trends. You may reach Michael directly on his cell phone at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.