According to a new report from Knight Frank, prime property prices in Miami have risen faster than the other eight world cities its tracked. The newly released Global Development Report finds that prime property prices in Miami led the way with a staggering 91 percent increase, outstripping Dubai’s 53 percent growth, and London and Los Angeles, which both came in at 45 percent. New York prices jumped 42 percent and was followed by Hong Kong (25 percent). Singapore and Sydney saw prices for prime properties grow 7 percent each.
Rental yields in Miami are also higher than the other cities tracked in the report. The gross residential yield for prime properties in Miami stands at 6.1%. Overall, prime property prices in Miami have risen 12% in the past year and 91% in the past five years.
