The report by the Prime Global Cities Index about the luxury residential market has just been released. And as usual there is some pretty good data in here so let me give you a summary of what’s interesting.
First of all, whereas the average price of luxury homes in the world’s key cities fell by 0.4% on the first quarter of 2013, Miami records a price growth of 21.1 %. That’s the best growth after Jakarta and Bangkok! Of course it’s once again explained by the fact that Latin Americans are driving Miami’s luxury market with flow of capital coming from Brazil, Venezuela and Argentina. That’s not a surprise anymore!
Other interesting information: Cities in Asia, North America and the Middle East continue to dominate the top half of the study. Thanks to them the average of the residential prices increased by 3.6% in the year to March 2013. That’s pretty good news for the luxury real estate market in general.
But let me tell you that some cities are still really suffering from the economic downturn. For example cities in Europe are at the bottom of the ranking, Tokyo was also the weakest performer in the last 12 months and we even see a decline of 9.9% in Prime New York property prices for the first quarter of 2013.
So, after all these statistics how can you doubt the fact that Miami IS the safe bet that you are looking for?