According to the Knight Frank report, high net worth individuals are increasingly drawn to Miami, leading to a notable uptick in home sales above $10 million. The city's luxury market is thriving, with 102 deals recorded in the first half of 2024—a striking 32% increase from last year.
The city's reputation as a hub for wealthy buyers is further cemented by corporate expansions and high-profile investments. Figures like Jeff Bezos and Citadel's CEO have elevated Miami's status, showcasing a shift in luxury living dynamics post-pandemic.
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