Video: Miami Ranked #2 Luxury Real Estate Market in the World!
Dec 23, 2022 December 23, 2022
This week, as part of our “What’s On My Mind” series, founder Sep Niakan takes you away from clickbait-y headlines and shines the spotlight on some research-backed news for Miami’s luxury housing market.
The luxury market-leading Knight Frank Report has ranked Miami as the second “prime” real estate market in the world – predicting a 5% increase in prices of luxury properties in 2023 – only behind Dubai. This increase in luxury housing prices can also be seen as a nod to Miami’s rising popularity among ultra-high-net-worth and high-net-worth individuals from around the world.
Watch this video from Sep for his take on the Knight Frank report and a word for our investors, buyers and sellers:
Key reasons why we think Miami’s luxury real estate will keep its balance and why all eyes are on Miami’s luxury residential market globally:
- Pocket-friendly tax policies x recent business migration. It’s no secret that Miami’s tax policies are way easier on the pocket compared to say, New York or San Francisco. Add a welcoming attitude to businesses of all shapes and sizes, and you have wealthy families to well-earning employees turning their sights towards Miami for respite.
- Great quality of life. Miami is no longer just about the beaches and has grown into a global city full of world-class art, rich cultural programming, amazing shopping options, unforgettable dining & entertainment venues, and much more. With some of the most iconic beaches, lush tropical parks, and easy access to water sports, Miami also supports an active lifestyle.
- Fresh wave of branded luxury condos. Those looking to “live” the experience offered by one of their favorite brands have a world of choices in Miami, as branded luxury condos like the Aston Martin Residences, Bentley Residences, The St. Regis Residences, The Edition Edgewater, Missoni Baia, and The Standard are marked for completion in the next 2-4 years.
- Strong growth potential. On a global scale, “Miami was one of the top performers in the 2021 edition of the Prime International Residential Index which benchmarks luxury residential prices across 100 of the world’s top markets,” according to this Knight Frank report. In addition, the latest report (as mentioned above) again has Miami ranked high for price growth - making it a great market for investors.
You can read our latest luxury condo market report summary for Q3 2022 here, or subscribe to this blog to have our upcoming annual market report for 2022 delivered straight to your inbox.
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