This Florida city tops the planet for high-end housing price hikes over the last year
Miami leads the globe for the highest price jump in a city’s luxury housing market over the last year.
Prices increased by about 26% from the third quarter of 2020 to the third quarter of 2021, according to the latest luxury sales report issued Wednesday by the British-based Knight Frank firm. The report analyzed price changes for the “most desirable and expensive property in a given location,” which is generally defined as the top 5% in the market by value for 46 cities across the world.
It is the first time Miami has topped the high-end residential price index since it was created in 2007.
“The hunt for larger accommodation, coastal living, and Florida’s low taxes acted as a key draw for a new breed of remote workers in the U.S.,” the report said.
Prices also jumped by double digits in more than a dozen other cities, including: Seoul (23%), Shanghai (21%), Moscow (21%), Toronto (20%), San Francisco (20%), Taipei (19%), Los Angeles (18%), Guangzhou (18%) and St. Petersburg (16%).
Overall, luxury home prices grew by about 10% on average over the last year.
The uber-luxury market in Miami experienced a flurry of sales earlier this year. The number of sales more than doubled for single-family homes and condos priced above $10 million between the first quarter and second quarter 2021, from 52 to 80 transactions. Demand increased for the uber-luxury market given the migration of prospective buyers and executives in the tech and finance industries from across the country, especially California and New York.
Mansion Global first reported the study.
This story was originally published November 11, 2021 at 10:13 AM.
