Knight Frank, a real estate consulting agency, forecasts that next year, Miami will be the most popular market of residential properties in the USA and the price growth will reach 5%. Moreover, this city’s market of upscale real estate is second only to Dubai in the global ranking of 25 locations most popular among wealth connoisseurs.
The local market of high-end homes has experienced an explosive growth in recent years. The pandemic only enhanced this trend, as buyers wanted to have larger grounds and all the necessary conditions for working from home in comfort. Many residential skyscrapers sprang up in districts such as Coconut Grove, Edgewater, Sunny Isles Beach, and Brickell, to name a few.
One of these deluxe towers is the new 66-storey Aston Martin Residences. This is the city’s tallest building with a triplex penthouse worth $55 million on top. The 48-storey Five Park Miami Beach, a complex of luxury condominiums, was designed by Arquitectonica. It is now at the construction stage and scheduled for completion in 2024.
Besides, hotel groups such as the Waldorf Astoria, the Standard, and the Ritz-Carlton entered the Miami market, to say nothing of European luxury brands of real estate – Baccarat, Bentley, and Porsche.