The Miami luxury real estate market is thriving and shows no signs of slowing down. Everyday, more and more high-profile people announce that they are moving to Miami. As the popularity of the city grows, so does the competition in real estate. The luxury real estate market is becoming even more competitive as condominiums grow in popularity. Although condominium sales experienced a fall last Spring and Summer, reports show that this is no longer the case. According to the experts, condominiums now account for about 50 percent of luxury sales.
Many factors have motivated buyers to buy luxury real estate in Miami. Trump’s tax return in 2017 was a big motivator before COVID. Now, the historically low interest rates has attracted many buyers. In addition, due to the pandemic, many out of state buyers decided on moving to Florida in order to escape high taxes and flee dense city centers in the midst of COVID-19. The pandemic has made it easy for people to work remotely and be able to relocate, therefore impacting sales in the luxury real estate market.
Experts project Miami luxury real estate prices to continue to rise. With historically low interest rates, buying now is a great opportunity. On the seller side, now is also a good time to put a home on the market. As Miami’s demographics skew younger, and companies all over the country give the green-light to work remotely, there is great opportunities for younger generations to move into the Miami market.