Miami ranks as the top US real estate market for ultra-rich foreign buyers snatching up luxury real estate, foreign investment tops $7 Billion
Miami has been named the top U.S. real estate market for ultra-rich foreign buyers of luxury real estate. According to the US Ultra Prime Real Estate Report, 26% of American ultra-luxury properties sold to overseas buyers were in Miami, with over 95% of the deals being completed in cash. Miami was followed by Los Angeles at 9% and Manhattan at 3%, with ultra-luxury defined as properties costing in excess of $2,700 SF. 80% of Miami's ultra-luxury property market were sold to overseas buyers while 20% was picked up by domestic buyers. Lifestyle played a major factor in the demand for ultra-luxury real estate in Miami, where residents can enjoy warm weather year round matched with clean, beautiful beaches and world-class dining, shopping, and entertainment.
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