Three studies show that Miami is on the Rise! - Rava Realty

Three studies show that Miami is on the Rise!

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Three studies show that Miami is on the Rise!
1. Miami Is The Top-Ranked City In the World For Luxury Home Price Increases In The Last Year

A new report from Knight Frank says that luxury home prices in Miami have risen faster than any other major city in the world over the past year. Miami saw luxury home prices surge 26.4% compared to last year and is growing at nearly triple the rate of the worldwide index. In fact, prices for the index as a whole were up 9.5% worldwide.

The gains in Miami appear to be accelerating, with prices increasing at an even more rapid pace in the past few months. In the most recent quarter alone, prices have jumped 8.1%.

It is the first time since Knight Frank created the index in 2007 that Miami sat at the top of the rankings.

2. Miami Leads The Nation In Pandemic Recovery Index

Miami is the top-ranked city in commercial real estate firm JLL’s City Recovery Index, which measures the amount of activity that has resumed since the pandemic, and Miami is listed at 97.8% recovered – higher than any other city.

JLL’s recovery index uses metrics that include economics, employment, office occupancy, and mobility. Here is some data:

The index states that leasing activity in Miami is actually above pre-pandemic levels and is currently at 114% of its 2019 rate. Travel to and from Miami is also higher, with TSA checkpoint traffic at 154% of pre-pandemic levels. Employment is still below what it was in 2019 but is now at 93% of its former rate. The vaccination rate in Miami is listed at 74%.

At the same time, Florida currently has the lowest rate of Covid cases on a per-capita basis of any U.S. state.

3. Miami Among Fastest Growing Cities Nationwide For New Businesses

According to LinkedIn’s analysis, new company formation in the Miami area surged 45% during the pandemic. Miami now ranks second nationwide for new company formation. All three of the top cities are in Florida, with Orlando barely nudging out Miami for the top spot by 1%.

For the study, LinkedIn looked at company formation rates between the pre-pandemic (July 2018 to July 2019) and mid-pandemic (July 2020 to July 2021) periods to calculate each city’s growth rate.

The top industries for new companies formed in Miami were entertainment, finance, and manufacturing, LinkedIn said.

(source: thenextmiami.com, picture: george pagan)

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