Category: BARNES

«In 2022, the BARNES City Index has never been so varied,highlighting meteoric rises like Madrid, Moscow and Prague, but also traditional safe bets like London, New York and Tokyo. The reflection of the changes caused by the health crisis and especially the ability of the great fortunes to adapt», comments Thibault de Saint Vincent, President of BARNES.

“In 2022, the BARNES City Index has never been so varied, highlighting dazzling increases such as Madrid, Moscow and Prague, but also traditional sure values such as London, New York and Tokyo. The reflection of the changes caused by the health crisis and above all the ability of large fortunes to adapt”, comments Thibault de Saint Vincent, President of BARNES.

Miami 1st ahead of Austin and Tokyo

At the top of the ranking appear five cities that haveconvinced investors both for their attractiveness and their fundamentals: Miami, already surprised by the Top 2020 where it was 4th, takes 1st place, followed by Austin which jumps from 24th to 2nd place. Tokyo remains good third, followed by Geneva which progresses from 8th to 4th place and Paris, rising from 7th to 5th place. The United States are therefore taking the lion's share due to rapid economic developments, while Japan and Europe, the «Old Wave», are managing to reinvent themselves.

«Old Europe is regaining its former status, with five cities in the Top 10 (Geneva, Paris, London, Madrid, Stockholm), testifying to a return to the traditional safe values that were, before the health crisis, the great regulars of the BARNES City Index,» explains Thibault de Saint Vincent.

The same is true for New York and Toronto, which are also making a comeback. Zurich, which held 1st place in 2021, fell to 11th, victim of the overheating of its real estate market, as did Stockholm and Copenhagen, which left the Top 5.

* Ultra High-Net-Worth Individuals: individuals or families with assets of at least thirty million dollars

** High-Net-Worth Individuals: individuals or families with assets between one and thirty million dollars

Miami, the start-up city

A big surprise of the BARNES City Index 2021, Miami has been able to ignore the constraints of the health crisis and prove that its new image as a flourishing metropolis was not a mirage. The sunnyclimate, the beauty of the beaches of BiscayneBay, the very advantageous taxation without income tax for individuals and a corporate tax limited to 5.5%, a flourishing cultural life, the quality of schools, the health system and universities and a prestigious market at still reasonable prices: so many assets that have convinced HNWIs and large companies, who migrated from the Northeast of the UnitedStates or California even before the coronavirus appeared. It is also the city in the United States withthe highest number of new inhabitants in 2021, 2nd for economic growth, 1st for start-ups (9.39% of the workforce!) and 4th school zone in the country in terms of supply. Home to no less than 1,000 multinationals and with an average age of 38.2 years, Miami is a bubbling global city.

“Instead of putting the city to sleep, the Covid-19 epidemic has only highlighted Miami's strengths, making remote working widespread and making hedge fund moves much more frequent. Nicknamed the Gateway to the Americas, Miami is open to Europe, Asia and the Middle East,” adds Thibault de Saint Vincent.

With the new arrivals, the strong rental demand can only entice investors. Buyers, on the other hand, are turning to recent neighborhoods and those with proven rental capacity, in particular those of Edgewater (+40 % for rents), downtown in full renovation and Brickell (+30%). Homes in Miami Beach, Coconut Grove, Key Biscayne and Coral Gables remain stable with great growth and a supply of waterfront homes; in fact, the most sought-after properties are villas facing the ocean with pontoons on secure private islands and penthouses with panoramic views of the waters; what interests newcomer Americans are ultra-luxury properties for themselves or rental.

“A survivor of the subprime crisis, preserved despite Covid-19, Miami has successfully dusted off its image of a sleepy metropolis to become a flagship destination for entrepreneurs and start-ups. Even though prices are high, the Miami market has yet to reach the same peak seen in the last cycle. The horizon is therefore clear for 2022 in Florida! “, he adds.