If you want to party all night in the city where the heat is on, you will have to have a few extra bucks to spare. A recent report came out that ranks Miami as the second overall luxury market across the globe. Here's a closer look.
According to a report released by Knight Frank, Miami is predicted to see a 5% price growth in 2023. This news is hardly surprising as the luxury real estate market in the southern Florida city has been booming over the past couple of years due to the pandemic. Record sales continue to be made across the Southern Florida real estate landscape, from a non-waterfront property being sold for $12.5 million to a waterfront estate being sold for a whopping $106.9 million. It seems that there is going to be no stopping the Magic City anytime soon. With its low tax rates and the growing number of companies relocating to Florida, Miami has become the ultimate hot spot for the wealthy elite. Although prices in the market are expected to cool globally, Miami’s real estate market should remain steady.
The sunny hotspot came only in second to Dubai. The market in Dubai is expected to grow by 13.5% in 2023. While that predicted increase seems like a significant hike, it is nothing compared to the growth the Middle Eastern city experienced over the past year. “Dubai saw prices soar by 50% in 2022, so the price increases for 2023 mark a substantial slowdown,” CNBC reported. Ranking not too far behind Miami come Dublin, Lisbon, and Los Angeles, all of which are expected to see 4% price increases. Meanwhile, New York City is only expected to see a 2% growth. Looking to purchase in any of these markets? CNBC reported, “cash will be king across the 25 markets, as buyers willing to pay all-cash will be more attractive to sellers.”
It seems Miami is officially the place to be, from its beaches to its luxurious ammenities. However, the price to play is only expected to rise... Stay tuned.