Miami ranked among most expensive world cities

Miami has been ranked 14th on a global list of the nation’s most expensive real estate by London-based Knight Frank, a residential and commercial real estate consultancy.

And it’s no surprise that the report credits Miami’s high prices to foreign buyers, according to CBNC.

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“Miami’s ultra-luxury condo market — where prices start at $10 million — is performing better than the overall luxury market from a price perspective,” noted Peter Zalewski, a principal with the Miami real estate consultancy CraneSpotters. “The recovering economy and the surging stock market in the United States combined with economic and social strife overseas in places like Argentina, Russia and Venezuela are working to create competition for ultra-luxury real estate in popular but stable international destinations like Miami.”

There are currently 45 Miami condos on the market priced at or above $10 million, Zalewski told CNBC. And in the first seven months of the year, five units in that price range sold. [CNBC]Christopher Cameron