Miami Tops World In Annual Jump In Luxury Home Prices

The biggest worldwide jump over the past year in luxury housing prices is in South Florida.

Prices for luxury housing in Miami jumped more than a quarter from 2020 to 2021, according to an analysis by the British-based firm, Knight Frank.

The firm analyzed price changes for the “most desirable and expensive property in a given location,” which is generally defined as the top 5% in the market by value for 46 cities across the world.

It is the first time Miami has topped the high-end residential price index since it was created in 2007, according to the Miami Herald.

“The hunt for larger accommodation, coastal living, and Florida’s low taxes acted as a key draw for a new breed of remote workers in the U.S.,” the report said.

Other cities with double-digit jumps in luxury home prices over the year were Seoul at 23%, Shanghai at 21%, Moscow at 21%, Toronto at 20%, and San Francisco at 20%.

Source: The Associated Press