May 13, 2016
According to a new report, Miami was the 7th top luxury real estate market in the world in 2015. In 2014, Miami finished in 9th place, and in 2013, Miami took the 8th place spot. London was number 1 in 2015, while Miami ranked ahead of important global cities like San Francisco, Paris and Toronto.
The term "luxury" is ambiguous. The report defines it differently according to each particular city. In Miami, luxury real estate is categorized as starting at 2 million dollars. Luxury real estate in Monaco starts at 10 million dollars, with London at 7 million dollars and Los Angeles and New York both at 5 million dollars.
While Miami rose two spots in 2015, the report also states, “New luxury stock and slowing buyer demand evidenced in late 2015 and early 2016, however, is likely to move it down in next year’s rankings.”
While this may prove to be true, local experts believe buyers are just waiting for the market to stabilize. Luxury home sales are a bit slower than last year, but there is growing demand. Prospective buyers just seem to be patiently waiting for the best value.
For the most comprehensive knowledge on the Miami luxury real estate market, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422.
Source: The Real Deal
