Miami leads the globe for the highest price jump in a city’s luxury housing market over the last year.
Prices increased by about 26% from the third quarter of 2020 to the third quarter of 2021, according to the latest luxury sales report issued by the British-based Knight Frank firm.
The report analyzed price changes for the “most desirable and expensive property in a given location,” which is generally defined as the top 5% in the market by value for 46 cities across the world.
It is the first time Miami has topped the high-end residential price index since it was created in 2007.
“The hunt for larger accommodation, coastal living, and Florida’s low taxes acted as a key draw for a new breed of remote workers in the U.S.,” the report said.
Prices also jumped by double digits in more than a dozen other cities, including: Seoul (23%), Shanghai (21%), Moscow (21%), Toronto (20%), San Francisco (20%), Taipei (19%), Los Angeles (18%), Guangzhou (18%) and St. Petersburg (16%). Overall, luxury home prices grew by about 10% on average over the last year.
The uber-luxury market in Miami experienced a flurry of sales earlier this year. The number of sales more than doubled for single-family homes and condos priced above $10 million between the first quarter and second quarter 2021, from 52 to 80 transactions. Demand increased for the uber-luxury market given the migration of prospective buyers and executives in the tech and finance industries from across the country, especially California and New York.
Source: Miami Herald