Miami had the largest luxury property price increases in the world in 2021, according to Knight Frank’s Prime Global Cities Index.
The report ranked 46 cities around the world based on percentage growth in value for prime properties, defined as properties valued in the top 5% of the market. The report measured prices from the third quarter of 2020 through the third quarter of 2021.
This is the first year Miami has topped the Prime Global Cities Index, which started in 2007. RelatedISG Realty included the Knight Frank rankings in its 2021 fourth quarter Miami residential report.
“Historic supply shock and unceasing demand thanks to Florida’s tax benefits and the allure of Miami’s coastal lifestyle have driven prices to all-time highs,” said Craig Studnicky, CEO and president of RelatedISG Realty.
“Single-family home prices have been on an upward trend in recent years and have more than doubled since 2018, reaching an average of $915,314 at the end of last year. In the year ahead, we predict we’ll see similar appreciation in Miami’s condo market as inventory of single-family homes and condos continues to tighten.”
The Prime Global Cities Index top 10 with percentage growth year over year:
- Miami, 26.4%
- Seoul, 22.6%
- Shanghai, 20.5%
- Moscow, 20.5%
- Toronto, 20.3%
- San Francisco, 20.2%
- Taipei, 18.9%
- Los Angeles, 18.2%
- Guangzhou, 17.6%
- St. Petersburg, 15.5%