June 3, 2015
Elite cities around the world are attracting foreign real estate investors looking for a safe place to protect their wealth. In 2014, these mega-rich foreigners invested about 25 billion dollars in cross-border residential real estate. Miami is currently the top destination for wealthy South Americans seeking to safeguard their fortunes.
The influx of foreign wealth to the world's top cities is contributing to rising home prices. Miami saw a 9.8 percent increase in residential real estate prices in 2014.
“One of the biggest trends we are monitoring across pretty much all the markets we focus on is the ongoing globalization of demand for property,” stated the global head of research at Knight Frank, a Douglas Elliman partner.
Since 2003, the number of individuals with at least 100 million dollars in assets has risen 62 percent, and the number of billionaires has jumped an astounding 80 percent. As people increasingly travel the world, this money is invested in residential real estate in elite cities across the globe. This foreign demand for top properties is continuing to contribute to rising prices.
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Source: USA Today
