Overseas buyers of luxury real estate in America choose Miami more than any other city – by far.
According to the US Ultra Prime Real Estate report released last month, 26 percent of American ultra-luxury properties sold to foreigners were in Miami. By comparison, Los Angeles placed second with 9 percent of U.S. sales, and Manhattan was third at three percent.
Ultra-luxury is defined as costing above $2,700 per square foot. 95 percent of such sales in Miami were done in cash.
Overall, 80 percent of Miami’s property market was sold to foreigners, with the remaining 20 percent to domestic buyers.
Lifestyle is cited as the number one deciding factor for ultra-high net worth individuals in choosing a place to live.