A recent report from Christie’s International Real Estate ranked Miami among the top ten luxury real estate markets globally.
This ranking puts Miami in league with cities such as London, New York, Côte d’Azur, Hong Kong, Paris, Los Angeles, San Francisco, Toronto and Dallas.
Fueled by strong interest from South American buyers, Miami had a high percentage of both international and secondary and additional homebuyers in 2012. 45 percent of luxury buyers in Miami were from out of town.
“International buyers, in particular, have been purchasing Miami property as a result of uncertainty in their currencies, which have often been devalued against the U.S. dollar,” EWM Realty International president Ron Shuffield said in the report.
EWM Realty International is the Christie’s International Real Estate affiliate in Miami-Dade and Broward County.
Bonnie Sellers, CEO of Christie’s International Real Estate, made note in the report that luxury residential real estate moves to a different beat than that of the general real estate market.
As she stated, “Residential real estate is a tale of two markets—luxury and everything else. Prestige residential will more likely follow growth trends in non-consumable luxury goods than trends in the general housing market.”