Miami home sales rose more than 20% last year according to Savills – and that trend is set to continue. Even before the pandemic, Florida was already the largest market in the United States for foreign buyers, but what has weighed on demand is the number of Americans now moving to the area. Attractive tax breaks and work-from-home opportunities have transformed what was once largely a vacation destination, and the Miami movement — a phrase coined by Mayor Francis Suarez — has impacted the high end of the market by relocating technology and financial services such as Goldman Sachs and Blumberg Capital transforming the city and surrounding area into a new financial center. Despite a range of high-end developments – like a five-bedroom condominium on Brickell Avenue on sale for £29.5m via Knight Frank – there aren’t enough luxury homes to go around, and a Fierce competition has transformed Miami-Dade’s Fisher Island into one of the wealthiest ZIP codes in the United States.
feel the heat
energy website Switch reports that Buckingham Palace has estimated dual-fuel spending at around £1.1m a year, while some UK mansions (with swimming pools) cost upwards of £30,000 for heating and lighting – a downside to own a vast property that can only intensify in the face of rising energy bills. In London, developers in major cities are adopting sustainable initiatives with this in mind. Chelsea Barracks, recently named Europe’s most sustainable development, is one of 16 projects worldwide to receive LEED Platinum green accreditation for neighborhood design, with its homes benefiting from wastewater recycling and metering smart energy companies (townhouses start at £38m up to Frankish Knight and Savills). Meanwhile, 80 Holland Park (from £5.95m, up to Frankish Knight and Savills) offers lower running costs through appliances such as solar panels and on-demand electricity and heat.
The UAE government’s decision last November to introduce a five-year multiple-entry visa is an added incentive for home buyers in Dubai, complementing the cosmopolitan lifestyle and competitive prices that have yet to come. fully recovered from their 2014 peak. According to the Knight Frank 2022 Wealth Report, prices for high-end properties here rose 44.4% in the 12 months to December 2021, with international buyers focusing on the most exclusive Dubai attractions such as Downtown and Palm Jumeirah, where Frankish Knight sells Six Senses Spa residences from 9.4 million dirhams (around £1.9 million).
Change of course in Monaco
The housing shortage is a recurring problem in Monaco, the favorite haven of the European super-rich, but solutions have now been found. As well as architect Renzo Piano’s tower in Mareterra, the principality’s €2 billion eco-development reclaiming land from the sea, there is Bay House, which is being built on the last piece of land in large-scale building of the Principality in the heart of Larvotto. Scheduled to be completed in 2024, the development offers a rare opportunity to purchase one of 56 apartments or five villas with roof terraces, from 17.5 million euros up to bayhouse.mceach with a private swimming pool and a large terrace overlooking the Mediterranean.
Reminder from London
Evidence suggests a shift among prime property buyers who were part of London’s great 2021 exodus to the countryside. According to Savills, the final quarter of last year was the best on record for properties over £10m, and most of those buying were spending over £20m. Traditionally prime locations – such as Chelsea, Belgravia, Knightsbridge, Mayfair and Kensington – continue to be a priority, but new interest in flexible workspaces and craftiness in urban greenery have widened the net to areas such as Battersea and Hampstead. This year, Mayfair (where Harrods Estates sells mews house in Adams Row for £11.95million) is set to benefit once the delayed Elizabeth Line opens its Bond Street station, allowing quick and easy access to Heathrow.