Don’t expect a deal on a Miami luxury home any time soon. In fact, the high-end housing market is expected to see price growth from 5 to 15% next year, according to a new report
A global ranking of the top 25 luxury real estate markets by Knight Frank found that Miami will rank second overall in the new year, CNBC reported. The report anticipated a cooling luxury market overall, with average price growth of just 2 percent, down from the 2.7 percent previously predicted by the real estate consultancy.
Miami’s luxury market has been booming for more than two years, ever since the pandemic triggered a deluge of high net worth migration and corporate relocations to Florida. The effect has been unprecedented price growth across the South Florida market. The impact was even greater on luxury home prices.
Meanwhile, a few other major U.S. cities made the list, too, and are expected to see notable price increases. Los Angeles is expected to see a 4 percent uptick, while New York is forecasted at 2 percent.
Who ranks #1 worldwide? Dubai. See their latest buzzworthy project here.
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