In 2024, Miami is poised to be the pinnacle of luxury real estate for the ultra-wealthy, promising lifestyle enhancement and solid investment growth.
In the realm of luxury real estate, the ultrawealthy — those worth $30 million or more — are seeking more than just opulence in their residential investments; they're pursuing a lifestyle and a solid investment, especially in the burgeoning Miami market.
A recent article published on CNBC.com reveals that despite the fluctuations of the broader market, the luxury real estate sector, particularly in Miami, is poised for a promising year.
Miami, renowned for its vibrant culture, beautiful landscapes, and favorable tax environment, is leading the U.S. luxury real estate market with an anticipated price growth of 4% in 2024.
This forecast not only underscores the city's desirability among the affluent but also signals Miami's resilience in a market that has seen luxury sales dip nationally.
Last year, high-end transactions over $50 million in the U.S. decreased from the previous year, yet remained significantly higher than pre-pandemic levels, indicating sustained interest in top-tier properties.
The buoyancy of Miami's luxury market is attributed to several factors, including its appeal as an international hub and its relative value compared to other global cities.
While the ultrawealthy typically own multiple residences across the globe, a quarter of their portfolio is located outside their home country, reflecting a trend towards geographical diversification and lifestyle enhancement.
Real estate experts suggest that confidence in inflation's trajectory and the stabilization or potential decrease in interest rates could lead to an increase in inventory and sales.
This may especially hold true for luxury markets where the affluent are less sensitive to interest rate fluctuations and more motivated by the intrinsic value and lifestyle a property offers.
Internationally, American buyers are making their mark on markets such as London, Italy, France, and Portugal. Their growing presence is a testament to their willingness to explore and invest in luxury properties beyond their borders.
Yet, it's worth noting that the ultrawealthy are not immune to the reality that prime real estate comes at a premium. In top markets like Monaco, $1 million might only afford a minimal square footage, making Miami's luxury market all the more attractive for its relative value and lifestyle proposition.
As Miami continues to shine as a beacon for high-net-worth individuals looking for their next home, it presents an opportune moment for sellers to leverage the city's robust market dynamics and for buyers to invest in a lifestyle that promises both pleasure and prosperity.
If you are looking to buy or sell a home anywhere in Miami, please call me at 305-798-8685, or visit my website at: Luxury Miami Real Estate
Ashley Cusack is a distinguished Senior Vice President at Berkshire Hathaway HomeServices EWM Realty, with a notable tenure in Miami's luxury real estate market.
With nearly three decades of experience, she has established herself as a leading expert in residential and waterfront properties. As a testament to her success, she has been recognized as a top producer within her brokerage, with sales volume over $1.3 billion, placing her in the top echelon of realtors nationwide. In 2022, Ashley sold the “Arsht Estate,” Miami’s only residential sale over $100M to date.
Don't hesitate to reach out to me, Ashley Cusack at {305.798.8685, email and website}. Senior Vice President, Berkshire Hathaway HomeServices EWM Realty.
