Miami’s luxury real estate market saw significant growth in 2024, driven by Latin American investors. Brazil topped the list with $1.4 billion invested, followed by Argentina with $6 billion and Colombia with $5 billion. Colombia led property searches for 32 consecutive months. Miami remains the U.S. luxury market epicenter, with luxury property values expected to rise between 3.6% and 6.5%. The number of high-net-worth individuals is projected to increase 28.1% in the next five years, fueling demand.
Pablo Allamand, Board President of AGD Developers, highlights Miami’s appeal thanks to its high residential standards and favorable tax advantages compared to New York. While The Hamptons remains a preferred luxury market in New York, sales there declined by $200 million in 2024 compared to 2023.
Chilean investors made up 6% of Miami’s residential purchases in 2024, primarily acquiring properties averaging $718,800. Initially focused on vacation homes and wealth protection, Chileans are increasingly entering Miami’s real estate business scene.
Key Points:
- Brazil leads Latin American luxury investments in Miami with $1.4B in 2024.
- Miami’s luxury property values expected to increase between 3.6% and 6.5%.
- Chilean investments represent 6% of Miami’s residential market, with average purchase prices near $720K.
- Miami’s tax benefits and high standards attract wealthy buyers over other markets like New York.
- Growth in high-net-worth population expected to boost luxury real estate demand.
Read the full article to understand the shifting dynamics of Latin American investments in Miami’s luxury real estate market and why the city is becoming a preferred destination for wealth preservation and growth.
