Billionaires' paradise. Miami is seeing an influx of tech executives and hedge fund managers, attracted by an ultra-light tax policy. Real estate and luxury goods are soaring, driven by post-pandemic fever.
In the “Magic City” with 2.7 million inhabitants, the eye may focus on the skyline, but everything seems to take place under the open sky. Business is rising faster than sea levels, which rightly worries residents near the shore. In thirty years, he has gained 7 centimeters; it could rise 86 centimeters over the next 50 years. Despite this horizon of vulnerability linked to climate change, Miami, built on a swamp, is building relentlessly.
HOW MANY SQUARE METERS, FOR 1 OR 10 MILLION DOLLARS?
According to Enzo Rosani, director of Barnes Miami, a budget of $1M allows you to afford a house to restore of 100 m2 in Miami Beach, a house of 120 m2 in Miami Mainland. Or a 30 m2 apartment in Coconut Grove, a residential area with tropical greenery. Real estate is soaring. For this amount, you can aim for an apartment of 90 m2 in Key Biscayne or more than 100 m2 in Edgewater. The latter is becoming very popular for its views of the bay.
We can also consider "a 150 m2 house" in Little Havana, but offers are rare in this typical residential area. What if we have $10 million? The expert highlights “a house on the water or a plush apartment of several hundred square meters in Miami Beach, in the popular South of Fifth district”. Such a budget makes it possible to qualify for an apartment in a chic “condo” or a house in Key Biscayne.
REAL ESTATE, MORE AFFORDABLE THAN IN NEW YORK?
In its “Global Property Handbook” report, Barnes reports that in 2023, “Miami is the only major American city to have experienced an increase (0.9%) in the prices of luxury homes”. San Francisco and New York respectively recorded a drop in prices, in the same category, of 9.71TP3Q and 41TP3Q. The financial barons rushed forward to settle in Palm Beach (100 km from Miami). But also in the chic and green neighborhoods of Coral Gables or Coconut Grove. Founded in 1825 by a colony of American and European industrialists, these neighborhoods have good schools and the best universities. Houses priced at $7 million are coveted there, the supply is becoming scarce. In Brickell, these are the “young professionals” in finance, tech and cryptos. They are driving up the prices of more accessible real estate there.
Among American buyers, there are many more entrepreneurs and financiers, but also investors who want to buy to rent. We are far from a ceiling because “although Miami has experienced a real estate boom, the price per square meter there is still much cheaper than in New York or Los Angeles.
Enzo Rosani, Director of Barnes Miami
An article written by Virginie JACOBERGER-LAVOUE | Journalist, Les Echos
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