October 20, 2021
Miami luxury real estate market is on the up
The cosmopolitan city of Miami has always been on the radar of international homebuyers who are looking for an incredible place to base themselves or have a second home.
Even between April 2020 and March 2021, Florida attracted more foreign buyers than any other state in the US for the 13th consecutive year, according to the National Association of Realtors’ (NAR) 2021 Profile of International Transactions in US Residential Real Estate Report. Indeed 22 percent of homes purchased by international buyers were in Florida.
Miami’s luxury market is defined as properties that sell for US$1 million or above and are either single-family properties or condos. With the number of sales for luxury homes having increased 225 percent year over year and condos at 204 percent, there is no doubt the market is booming.
And although the pandemic and its consequent limitations on travel saw a shift from international to domestic buyers in the region, the international market is certainly on the up. As the gateway to Latin America, Miami is still very popular with Latin Americans who are increasingly purchasing permanent residences rather than investment properties. With 34 percent of purchases being made by Latin American buyers, it is certainly the area’s biggest market. But, as the world changes the way it lives and works, there has been a huge surge in interest of both US citizens from other states as well as international buyers from across the globe who are seeking the fabulous lifestyle, sunshine and healthy living that southern Florida provides.
No matter whether you are looking for an exclusive waterfront mansion or a high-end condo, finding a trustworthy real estate agent, attorney and of course your dream property is key when making a real estate investment.