Luxury Real Estate in Miami is on Top
May 7, 2013
Miami has been a top destination for both vacations and those wanting to live in the sun for many years. The great weather, amazing architecture and reputation have created the buzz that’s brought plenty of rich and famous people to the city. Whether you’re looking for something high-end or you want to live a low-profile lifestyles, you can find what you’re looking for in Miami.
Luxury properties are booming in Miami and have been for the past year. It remains as one of the top markets in the world for luxury real estate for both individuals and investors. This is largely because of the affordability, growth in the area and the way the city has recovered from the collapse.
It comes as no surprise, a large part of the market has been fueled by Latin Americans. This bilingual city is close to South America and has become very popular with the foreign demographic. American properties have become very attractive to foreign buyers throughout the last couple of years and Miami has become a hot market for buyers from other countries. This has created a market that’s growing like crazy.
Over the past year, Miami has seen the luxury market grow by over 50% from the local residents and nearly 50% coming from foreign buyers. The market hasn’t been split this evenly in a very long time. The uber-rich have started to take over Miami and turn it into their own playground. Over 2,000 homes have been built and sold for over a million dollars in the past few years. New York is about twice as much, but it also has about four times as many people living in the city compared to Miami. This proves, the weather isn’t the only thing that’s hot in Miami.
