- Miami is well beyond a vacation community, and both locals and international buyers are steering toward the city
- The US is the most popular market for second homes for the very well-heeled.
- The report singles out Miami as popular market for multi-homers, especially for Latin Americans.
The world’s super-rich are really a lot like the rest of us, says a new study by Wealth-X and Sotheby’s International Realty.
In taking a look at what ultra-high net worth (UHNW) individuals look for in a second home, the Wealth-X and Sotheby’s International Realty UHNW Luxury Real Estate: Multi-Homers Report found that this high-class sector of buyers look at properties with an eye toward what many of the rest of us do. They want a fit with their personal and family needs, yet also look for environmental sustainability. And, they want technologically sophisticated homes, which, for the most part, are not available at more accessible price points.
The U.S. is the most popular market for second homes for the very well-heeled. The UK and Switzerland are also on the UHNW population’s shopping list.
Four types of luxury home types are the favorites of global ultra wealthy: Green Homes, Smart Homes, Private Islands and Serviced Apartments. These types of homes speak to their needs, aspirations and lifestyle considerations.
Who exactly are these buyers? According to Wealth-X, they are more than 211,000 UHNW individuals living around the world with US $30 million and above in net assets. Seventy-nine percent of this group own two or more residences. The average UHNW multi-homer is a married 63 year-old, with a net worth of $165 million.
The report singles out Miami as popular market for multi-homers. It is the leading international home destination for Latin American UHNW individuals. It is particularly attractive, notes the report, because “Miami sits at the confluence of Caribbean, Latin and American cultures and presents a range of outdoor and urban activities. The city’s social scene prominently features boating, nightlife, and sporting events. In addition, it is home to numerous prestigious residential enclaves, golf courses and fine dining.”
Second home regions are growing beyond the big hubs like London, New York City and Hong Kong, the report profiles Geneva, Switzerland and Long Island, New York, too.
“What was once known as a great holiday spot with beautiful beaches and great weather all year round has become an international metropolis,” said Daniel de la Vega, President, ONE Sotheby’s International Realty in the report. “Miami’s culture is thriving with major museums, world-renowned restaurants and performing arts centres to rival those of other major global cities.”