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    Miami’s Luxury Real Estate Market to record prime price growth of 5% in 2019!

    April 29, 2019

    Miami’s Luxury Real Estate Market Forecasted to rise at one of the fastest rates in the world

    Miami’s Prime Market Value is Growing, Despite Negative Numbers in Most Cities

    Knight Frank‘s Wealth Report forecasts how key prime residential markets* are set to perform in 2019, and looks back at how its predictions for 2018 planned out. Miami is expected to be the 5th fastest growing luxury real estate market in the world. According to this Knight Frank report, it is ranked 5th out of 20 global cities and could grow at the second fastest rate in the world.

    Worldwide however, value increases are slowing for the prime property markets. Knight Frank and Douglas Elliman foresee slower growth in prime property prices as central banks end easy monetary policy. As we learn to live without the ultra-low interest rates that have supercharged real estate markets globally since 2008, lower price growth is an inevitable consequence of the shift in monetary policy.

    *Prime residential property is defined as “The most desired and expensive property in a given location, generally defined as the top 5% of each market by value”

    Miami's Luxury Real Estate Market to record prime price growth of 5% in 2019!

    Knight Frank’s forecast for the luxury (Prime) residential real estate markets around the globe

    Florida’s Tax Climate and Comparatively Low Sales Prices are Fueling the Growth

    For 2018, Miami prime properties were expected to remain stable with 0% market change. The reality was a 3.3% growth in price compared to 2017. This was positive compared to the average increase of prime residential property prices, which was just 1.3%, the slowest rate of appreciation since 2012.

    With 33,300 millionaires, Knight Frank expects Miami to record prime price growth of 5% in 2019, outperforming a number of other key US cities such as LA and NYC. Prices are rising from a comparatively low base, new investment in the form of the Brightline train is boosting the local economy and Florida’s low tax status may spur some US residents to move to the sunshine state in the wake of the new State and Local Tax (SALT) deductions.

    Miami's Luxury Real Estate Market to record prime price growth of 5% in 2019!

    Miami’s prime property prices are expected to grow at one of the world’s fastest rates in 2019. This relatively fast growth is partly due to the fact that prices are rising from a relatively low base.

    The Miami prime real estate market showed indeed positive signs as is documented in our latest Miami real estate report. We are still seeing some hefty multi-million dollar sales for example at the brand new Palazzo della Luna and Palazzo del Sol on Fisher Island

    Read out full 2019/2020 Miami Real Estate Forecast, which covers Miami’s prime real estate markets of $3M+ properties

    Contact David Siddons today to learn more about Miami’s Prime Real Estate Market and to get a forecast of the Miami Luxury Real Estate market for the year to come

    David Siddons | +1.305.508.0899 | david@siddonsgroup.com

    David Siddons is a top producing Miami realtor with nearly $100M in yearly sales. He is known as a market analyst and out of the box thinker. He is the author of several of Miami’s most groundbreaking investment report and real estate forecasts.

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    THE 2018 MIAMI REAL ESTATE REPORT

    EX-STOCKBROCKER’S ANALYSIS OF THE MIAMI MARKET

    Call us at: (305) 508-0899 or email us below at david@siddonsgroup.com
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