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Miami Listed Top 10 Luxury Real Estate Market in the World

In its second year of publication, the Christie’s International Real Estate’s report, detailing the global luxury real estate market, included Miami in its Top 10 list. The report,  Luxury Defined: An Insight Into The Luxury Residential Property Market analyzes trends that are shaping the market around the world, factoring in the effects of fluctuations in the global economy, while providing insights into buying behaviors, demographics, and preferences over the past year. After measuring key metrics, including record market sales price, prices per square foot, and percentage of non-local and international buyers, cities were ranked, including the following cities in the top 10:  Côte d’Azur, Hong Kong, London, Los Angeles, Miami, New York, Paris, San Francisco, Sydney, and Toronto.

On their website, Christie’s International Real Estate lists key findings from the report as:

  • The luxury market thrived in 2013, producing significant growth in the number of homes selling for more than $1 million in the United States.

  • Three prominent buyer groups were identified:  local buyers, millennial buyers, and overseas buyers.

  • There were some significant tax law changes made in 2013, impacting some prime markets in 2013.

  • A strong correlation was identified between the luxury real estate and fine art markets, as opposed to the general housing market.

  • Luxury markets in urban centers have rebounded the strongest after the market crash, but resort areas are showing signs of recovery.

According to a recent article from The Real Deal, sales of million-dollar-plus residences in Miami-Dade have risen to a new high, with approximately 190 closings each month. Despite this average, South Florida is still considered affordable with about 60% of single-family houses and 69% of condominiums in Miami-Dade county selling for under $300,000. Whether you’re in the market for a million-dollar listing or a modest condo, there’s something for everyone in the red-hot Miami real estate market.

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