Miami’s luxury homes are projected to see the highest value growth among major world cities.
Luxury Homes in Miami Expected to See Value Growth of +10% in 2022
Knight Frank’s 2022 worldwide luxury-tier forecast projects Miami as the most prosperous luxury market. Miami’s luxury property prices are expected to increase an average of +10% next year.
Knight Frank points to Florida’s low-tax environment as a prime motivator for high buyer demand in Miami coupled with the seemingly permanent appeal of coastal living. As always, high buyer demand equals higher home value growth.
According to Knight Frank’s regional head of US residential business in Asia Pacific and the Middle East, “(Miami’s top ranking) comes as no surprise. (Miami’s) bidding wars have now risen to their highest market share on record as the market pace in Q3 2021 was the fastest recorded. Sales continue to surge and there is a chronic lack of inventory.
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Rounding Out Top Five Global Cities Projected to See Luxury Price Growth in 2022
With Miami expected to see price growth averaging +10%, Sydney’s luxury homes are projected to see average price growth of +9% in 2022. Knight Frank pointed to anticipated border re-openings in 2022, the return of investors and a “growing appetite amongst domestic buyers for second homes on Australian soil.”
Los Angeles is expected to see its luxury homes gain +8% price upticks in 2022 due to record-low inventory levels coupled with buyers’ ongoing hunger for large family homes
Knight Frank expects luxury home prices in both Auckland and London to jump +7% in 2022.
Thanks to Knight Frank and MansionGlobal.
