The Real Deal Miami

Fort Lauderdale sees major growth in luxury market

Top 10% of properties outperformed the rest of the market last year

September 22, 2014 03:45PM

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Fort Lauderdale

Fort Lauderdale

Fort Lauderdale’s high-end property market is booming. In the 12 months ending June, the top 10 percent of homes by value outperformed the rest of the Fort Lauderdale’s housing market.

Moreover, square footage values for upmarket condos and townhouses rose 17.5 percent to an average of $477, while the figure for high-end detached houses increased 4.2 percent to an average of $570, according to Elliman data cited by the Financial Times.

“Fort Lauderdale is increasingly popular among high-end buyers, particularly for out-of-towners seeking a second, third or fourth vacation home,” Kelly Charles, senior sales associate at One World Properties, told the newspaper. “The rebound of the South Florida real estate market is spearheaded by sales to foreigners from Argentina, Brazil, Canada, Colombia and England.”

Charles added that a $2.3 billion upgrade of Fort Lauderdale’s airport is key to the soaring luxury market . Recently, airlines have unveiled more than 20 new routes, including direct flights to London, Lima and Scandinavia. [Financial Times]Christopher Cameron

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