San Francisco has seen a 14.3% spike in prices over the last 12 months, pushing the median home price there to more than $1 million. Miami and Los Angeles also made CNN Money’s list of the world’s hottest markets, with 12.2% and 8% price spikes, respectively.
Much of Miami’s price appreciation is being driven by wealthy buyers from Latin America, according to CNN Money; wealthy buyers from politically unstable countries like Venezuela are snapping up property in Miami and driving prices higher.
In LA, meanwhile, confidence in the prime market is building and sales – and prices – are climbing. Real estate consultants expect the LA area – particularly Beverly Hills – to see strong price growth this year, CNN Money reported.
Notably absent from the list was New York, where the price of a luxury condo has actually dropped over the last year.
Top luxury housing markets
- San Francisco, Calif. (annual price growth: 14.3%)
- Bangalore, India (annual price growth: 13.6%)
- Miami, Fla. (annual price growth: 12.2%)
- Vancouver, Canada (annual price growth: 11.8%)
- Jakarta, Indonesia (annual price growth: 11.2%)
- Tel Aviv, Israel (annual price growth: 10.2%)
- Tokyo, Japan (annual price growth: 8.1%)
- Dublin, Ireland (annual price growth: 8%)
- Los Angeles, Calif. (annual price growth: 8%)
- Sydney, Australia (annual price growth: 7.4%)
Where are the world’s hottest luxury housing markets? Well, right now the hottest market in the world for prime real estate is right here in the good old U.S. of A., according to a report by CNN Money.