It turns out that South Florida may not only be a top destination for Americans after all. In fact, the Miami, FL market actually led the world with regard to luxury price increases in 2021. According to Knight Frank’s Prime Global Cities Index, The Magic City came in at the top spot out of the 46 cities around the world based on percentage growth in value for prime properties. By definition, “prime properties” are properties valued in the top 5% of the market. This report measured prices from the 3rd quarter of 2020 through the 3rd quarter of 2021.
Prime Global Cities Index: Top 10 with % growth year over year
- Miami, 26.4%
- Seoul, 22.6%
- Shanghai, 20.5%
- Moscow, 20.5%
- Toronto, 20.3%
- San Francisco, 20.2%
- Taipei, 18.9%
- Los Angeles, 18.2%
- Guangzhou, 17.6%
- St. Petersburg, 15.5%
Summary
Although not surprising, it is incredibly impressive that Miami, FL has come in at the top spot for the world when it comes to luxury home price increases. With both domestic and international buyers flocking to The Magic City, we have seen tremendous demand for housing in the luxury market. Historic inventory constraints combined with strong demand for tropical climates in a tax friendly state have certainly been significant factors for this price growth. Are you ready to buy your slice of paradise? We can help!
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
