Miami ranks as world’s 7th top luxury property market, report says

Posted on 13 May 2016 in Miami What's New | 0 comments

MB mansionMiami rose two notches to place seventh among the world’s top luxury property markets in 2015, according to a new report by Christie’s.

Yet the study foreshadows a downward trend for Miami in 2016, as sales slow and luxury inventory swells.

London ranked first in 2015, followed by Hong Kong, New York, Los Angeles, Singapore and Sydney, in the annual Christie’s International Real Estate Luxury Index.

Miami beat out San Francisco, Paris and Toronto, rounding out the top 10. Miami jumped from ninth place in 2014 and 2013, and eighth place in 2012.

“Miami achieved a local record sale” — the $55 million sale for a Faena penthouse in Miami Beach — “which offset declines in overseas and cash buyers, ensuring a solid performance in the Luxury Index,” the report said. “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.”

Worldwide, luxury is an elusive term, according to the report, which outlines various definitions of luxury. Such homes in Miami are categorized as starting at $2 million, with Monaco at $10 million, London at $7 million and Los Angeles, New York, and Hong Kong at $5 million.

 

Via www.therealdeal.com.

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