Miami Is The Top-Ranked City In the World For Luxury Home Price Increases In The Last Year

A new report says that luxury home prices in Miami have risen faster than any other major city in the world over the past year.

The Knight Frank Prime Global Cities Index tracks prices in 46 cities worldwide.

Miami saw luxury home prices surge 26.4% compared to last year, according to the Q3 2021 report released today.

Miami is growing at nearly triple the rate of the worldwide index. Prices for the index as a whole were up 9.5% worldwide.

Seoul ranked second behind Miami with a 22.6% gain.

The gains in Miami appear to be accelerating, with prices increasing at an even more rapid pace in the past few months. In the most recent quarter alone, prices have jumped 8.1%, Knight Frank said.

It is the first time since the index was created in 2007 that Miami sat at the top of the rankings.

According to Knight Frank, the draw of lower taxes, coastal living, and larger spaces is attracting a new breed of remote workers to Miami.

 

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Anonymous
22 days ago

I think the price surge has more to do with investors and less with remote workers.

Anonymous
22 days ago

Furthering the evidence Miami is a city for investors and not residents.

Anonymous
22 days ago

Thats why half of the luxury towers are empty much of the year.

Anonymous
22 days ago

I appreciate how good this city is going to look in the next 10-20 years but will be more even happier if i can live here with a STABLE income from a normal job.

Anonymous
22 days ago

Dead last for affordable housing

Anonymous
22 days ago

for real, you dont realize how bad it is till you leave miami

Anonymous
22 days ago

^^Notice how the cities with the worst income to housing costs ratios (San Diego, Miami, LA, SF, NYC, Boston, Honolulu) also tend to be the most desirable.

The income to housing costs ratio in Buffalo and St. Louis are quite favorable.

Anonymous
19 days ago

Boston? Lol.

Anonymous
22 days ago

Ever been to Hong Kong, London, or Paris?

Anonymous
22 days ago

We need more offices or this is just a mess!

Anonymous
22 days ago

Hahahaha
Hilarious
Your desires don’t create demand.

Anonymous
21 days ago

If there is a demand for offices they will be built. The one building under construction is no where near leased out. This is not a business town.

Anonymous
21 days ago

Wtf you talking about? 830 brickell leasing has gone very well, and from what I’ve read in the past pretty much all of brickell office space has been leased.

Anonymous
21 days ago

There’s an old saying there’s a price to pay to live in Paradise Miami is a different breed

Anonymous
21 days ago

Lake Tahoe is the same.

Anonymous
22 days ago

In addition to the telecommuters who are driving real estate prices up, I believe it could be the well-off Latino tourists who look to Miami for what they don’t find in their home countries, as a safe place to enjoy life. and invest your financial reserves.

Anonymous
21 days ago

I agree. Miami’s real estate market is not for the American working-class middle class, who don’t have $1 million to pay in a one-bedroom apartment or, to accommodate their family in a three-bedroom apartment, starting at $2 million. It’s from investors, mostly rich Latino foreign tourists.

Anonymous
21 days ago

Who the fuck looks to buy a $1million one bedroom when their budget is for a $200k 1 bedroom in Kendall? That person has Champaign tastes, beer budget, and piss brains.

Anonymous
21 days ago

About 5 miles north of Miami, Sunny Isles Beach, has at least 20% of residents relocating from Russia and 20% Latin America. All 50 story luxury beachfront condos at 1 million+

Anonymous
22 days ago

What is the price that determines whether something is considered as “luxury” or not?

Anonymous
20 days ago

Everything is considered “luxury” in Miami. Even a 3 years old refrigerator.

Anonymous
21 days ago

Ive been passively searching for sub 300k condos for the past year. Last year there were plenty. Now, barely a trickle. It’s crazy out there.

Rob
22 days ago

This artcal was created by Artificial intelligence

g678
20 days ago

none different than before d u m b money pouring en masse right before the whole thing pops, add all this new i n v e n t o r y in a couple of years and kaboom….

Oli
20 days ago

Our street in pinecrest has seen at least 3 houses sold to NY people relocating full time in Miami. Check The car license plates on US1 from pinecrest to Brickell: SFO, NY,NJ, tx…. These are not investors.

Anonymous
22 days ago

Wow. Omg

Azarius
21 days ago

Larger spaces where ??

Anonymous
19 days ago

Does anyone realize that we are of a breed of cities that have many many many more residential towers than office towers? That points to Miami being a 2nd home+ and vacation city. That is a problem. And once Brightline finally connects us to Orlando it will be even more incentive to keep status quo. Execs could live in Miami and work or have am HQ in Orlando. For other companies they wouldn’t have to live or have an office here at all. Would be able to do easy daytrips to Miami. Not good. Getting expensive isn’t good for Miami.

Anonymous
22 days ago

It’s not investors this time. People are buying these to use them full time until you get to the 3M+ category. Go Miami. Purchased my place in July and can’t wait for the reno to be done to be down full time hopefully by February!

Anonymous
21 days ago

Nope, it’s investors. An inconvenient truth…. Metro South Florida’s population growth rate has actually slowed greatly in the last 10 years. Even rustbelty Columbus, Ohio is now growing faster. Don’t believe me, read the U. S. Census. The vast majority of this building boom is being driven by investors, esp. downtown and on the beaches.

Anonymous
21 days ago

Thats funny most articles state Miami is one of the fastest growing cities in the country….Not to mention the census didn’t take 2021 into account. Miami is still a rapidly growing city from 2010 to 2020 it grow by 10.7% faster than 2000 to 2010, according to the US census. If “investors” were buying places but not living in them they would rent them out which should make rents fall not rise….Look around theres more traffic, more people, more shops and more higher paying jobs. Clearly the city is growing.

Anonymous
21 days ago

You’re talking city of Miami limits, I’m talking metro area. Rents are rising as more are priced out of buying due to investor demand. Check the 2020 Census instead of the line at your local Publix. Again, the numbers say South Florida population growth is slowing, and to say it has reversed course over the last 10 months is speculation without data.

Anonymous
20 days ago

In my experience, foreign investors would rather let their condo sit on the market unoccupied instead of lowering the rent price to attract more tenants. They’d actually prefer to lose money overall. It’s a machismo thing.

Anonymous
22 days ago

Look if Miami really wants to be world class. Like a Singapore …. Put up affordable housing. Didn’t say free !!! Everybody will win. I promise !!! Diversity is magic

Anonymous
22 days ago

Singapore is a small, densely-packed city-state run like a company. Very few places if none can function the same way.

Anonymous
22 days ago

Drug dealers and hookers drive the prices up.

Anonymous
22 days ago

If that were the case, Detroit would be the most expensive city in America.

Anonymous
22 days ago

because of ladies like you that will pay top dollar for my grade A