Miami hasn’t lost all
its allure among the super-rich. It has resurfaced in the No. 12 slot, Knight
Frank told The Real Deal on Tuesday.
After ranking as the
sixth most important city for the ultra-wealthy in 2015, Miami had fallen off
the list of the top 10 cities in the latest Knight Frank Wealth Report released
in London last week. Only the top 10 were included in the report.
But Liam Bailey,
global head of research for Knight Frank, asked his researchers to look
further, and told TRD that they found that Tokyo comes in at
No. 11 and Miami at No. 12 in 2016.
Miami’s fall is the result of weakened currencies in Latin American
countries, he said. “The critical issue is currency and the demand from Latin
America,” he sad. “I suspect it is a blip.”
He added via email:
“Bear in mind [that] at [No.] 12 Miami comes out second in the U.S.”
Last year, Miami
followed London, New York, Singapore and Shanghai in Knight Frank’s Global Survey, which looks at the most important cities
globally in terms of where the world’s wealthy live, invest, educate their
children, grown their businesses and spend their leisure time. Paris, Dubai,
Beijing and Zurich followed Miami. Knight Frank defines the ultra high net
worth individuals as those with more than $30 million.
This year, London
again tops the list for the ultra-wealthy, followed by New York, Singapore, Hong Kong, Dubai, Shanghai,
Paris, Sydney, Beijing and Geneva.
Knight Frank and
Douglas Elliman presented the latest Wealth Report at 1 Hotel & Homes on
Tuesday morning. The Miami event followed similar presentations in New York and
London last week. In all, Knight Frank will be hosting events in 36 cities this
year, up from 22 last year.
Real estate is the
“most comfortable asset class,” for investing, Douglas Elliman Chairman Howard
Lorber, told audience member during a panel discussion. Terra Group President
David Martin, also a panelist, cited Miami Beach and Coconut Grove as among the
top neighborhood markets in the Miami area for investors.
The FinCEN rule that
requires title insurance companies to disclose the names of foreign buyers who
pay $1 million and up for homes in Miami-Dade County, which went into effect on
March 1, has not had any effect on the market, Lorber said during the panel.
“It’s been a big nothing…. I think the whole thing is nonsensical.”
Original content The
Real Deal
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