Over the past six months, luxury property in Miami has appreciated in price more than any major city in the world, according to new statistics.
Knight-Frank’s most recent Prime Global Cities Index reports that Miami luxury real estate rose by 22% through the six months ending in March 2015. No other city was able to manage a double digit increase.
Over the past year, Miami ranked third with a 12% increase. San Francisco and Bangalore, India edged out Miami during that time period.
The report defines luxury property as the top 5% of the market. In addition to Knight-Frank research, data is sourced from Douglas Elliman.
In a report earlier this year, Knight-Frank ranked Miami as the sixth most important city to ultra-high-net-worth individuals.