Since 2007, the Prime International Residential Index (PIRI) highlights the annual price changes in luxury real estate all around the world. By now, we all know that the market here is getting hotter…  However, it is always comforting to get some numbers in front of us. In the 2011 the PIRI, which lists 71 locations worldwide, reports Miami as the third biggest increase in the values of luxury properties. Values here raised by 19.1%, so we can definitely say that the market is recovering. Miami and some other hot spots such as London and Vancouver are among the few locations in developed countries where prices have increased that much. Hereafter is a chart with all the numbers.

Meanwhile, we have to deplore a totally different trend in European luxury locations. Buyers are skeptic to invest there; they foresee them as risky locations for now. After the first tour of the French election, I have to say that I would be worried too!

Miami is now considered by many foreigners as a safe haven location where their money and their vacations are well nestled. Nowadays, most of the buyers come from Canada and Latin America. However, analysts predict that in the next few years Chinese or Russian will be the main buyers in Miami’s luxury properties market. The Magic City of Miami is definitely becoming one of the most attractive cities in the world!