Miami has found a comfortable place among the leading cities of the world: London, New York, Hong Kong, Sydney, Singapore, LA, and Dubai. While London has taken the top spot as the place for the wealthy to park their wealth in urban real estate, Miami is catching attention for a different reason.
According to research firm Knight Frank, Miami is a rising star. While the financial crisis in 2008 left the city barren of investment, becoming the foreclosure and repossession capital of the country, it seems that there are now fruits to bear.
The Guardian reports that prices for prime property have leapt 91% in the last five years. The $60M record-breaking Faena House sale is one very visible indicator of this. Given this trajectory, Miami should become an increasingly more attractive investment opportunity.
· London rises dramatically above New York in global prime property league [Guardian]
· The Faena House Penthouse Sells for a Record Breaking $60M [Curbed Miami]