The American hotspot where billionaires are buying up 'trophy homes' as they ditch London
Ultra high net worth (UHNW) individuals, people with a net worth of more than $30 million, make up an exclusive group with a population of around 480,000.
Members of this elite group own an average of three properties per individual, and a report from the information services firm Altrata found that Miami is the leading city for them to purchase luxury second homes.
'Miami is the most popular second-home location in the US, and globally, with a total of 13,211 UHNW second-home owners,' according to Altrata's report, Residential Real Estate 2025: Spotlight on the World's Leading Markets for the Wealthy.
Notably, the Billionaire Buyers in London mid-year 2025 survey conducted by Beauchamp Estates found that over 70 percent of wealthy sellers are ditching their second homes in the UK capital and heading to cities such as Miami.
Miami real estate agents told the Daily Mail they have worked with numerous international clients buying trophy homes in their city.
'We've seen some interest from London-based buyers recently, many of whom are reallocating funds from the UK market into Miami, diversifying their holdings,' said Maria Kuzina, owner of Miami Luxury Real Estate.
'London buyers currently represent, I would say, around three to five percent of all international buyers in the luxury market.'
Jay Batra of the Batra Real Estate Group said: 'Miami continues to attract a diverse range of international buyers. Colombians, Brazilians, Russians, and Canadians are among the largest groups of foreign nationals investing in second homes here, drawn by the city's vibrant lifestyle and unique real estate opportunities.
'Miami Beach has historically seen 70 to 75 percent of its homes owned as second or third properties by buyers from across the US and around the globe.'
He said driving factors bringing the ultra-rich to The Magic City include the warm weather, sandy beaches and low taxes.
'Miami has experienced strong growth of its wealthy second-home population over the past five years,' Altrata's report said.
'The city has long been a popular location for wealthy buyers seeking an additional residence, attracted by Florida's favorable tax regime, warm climate and coastal setting.'
Kuzina said her clients are drawn to Miami because 'it strikes a perfect balance between lifestyle and investment opportunities'.
'Miami remains a top choice for international buyers due to its year-round sunshine, tax advantages, waterfront lifestyle, and its growing status as a global luxury hub,' she added.
'Today's buyers seek high-end, move-in-ready properties with privacy, premium amenities, and architectural distinction. Branded residences are particularly appealing as they offer world-class design, luxury services, and strong resale value.'
Miami real estate agents told the Daily Mail they have worked with numerous international clients buying trophy homes in their city
Batra explained that his international clients are looking for properties on the water with ritzy amenities.
'Condo buyers are drawn to the stunning water views, prime locations, and vibrant lifestyle that Miami and Miami Beach offer, paired with the convenience of being steps from the beach,' he said.
Miami at been at the epicenter of a condo crisis after the 2021 collapse of a condo building in Surfside led to a new law that requires condo buildings to undergo structural inspections and shore up reserves.
This has meant that many HOAs have been hiking fees and doling out hefty special assessments to comply with the new rules, which has reduced demand for condos.
'In Brickell, the allure lies in luxurious high-rises with breathtaking views and top-tier amenities like pools, gyms, and more - all within close proximity to workplaces.'
He added that buyers searching for houses rather than condos tend to look for properties with a type of longevity.
'For those searching for houses, priorities shift to spacious yards, waterfront properties, private pools, and a sense of privacy. Buyers also focus on neighborhoods with strong potential for long-term value and appreciation,' Batra said.
'Additionally, flexibility is key; they often seek homes that can be easily rented out for a few months to a year if needed.'
Batra admitted that some buyers are wary of Florida's turbulent housing market due to soaring HOA fees, skyrocketing insurance costs, and in some cases, hefty special assessments imposed by homeowners' associations.
'Buyers, both local and international, are increasingly concerned about rising costs. High insurance premiums and common charges are climbing across the board, adding to the burden already posed by elevated interest rates,' Batra said.
'These combined expenses are making it more challenging to purchase and maintain homes.'
He noted that some of his clients have opted to purchase their homes in all-cash to escape these burdens.
'However, I've observed a growing trend among cash buyers, who are stepping in to offset these monthly costs,' he said.
'In fact, the most recent transaction involved an all-cash buyer, reflecting the strong demand in this segment.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
28 minutes ago
- Reuters
Exclusive: Trump administration to formally axe Elon Musk's 'five things' email
WASHINGTON, Aug 5 (Reuters) - The Trump administration plans as soon as Tuesday to formally axe a program launched by billionaire former Trump adviser Elon Musk requiring federal employees to summarize their five workplace achievements from the prior week, two people familiar with the matter said. The Office of Personnel Management, the federal human resources agency that implemented Musk's push to slash the federal workforce, plans to announce the end of the "five things" email to HR representatives across the federal government later on Tuesday, the two people said, declining to be named because the matter was not public. While many federal agencies had already phased out compliance with the weekly email, the move, not previously reported, signals the Trump administration is turning the page on one of Musk's most unpopular initiatives following a dramatic row between the two men in early June. The White House and OPM did not immediately respond to requests for comment. Musk, who spent over a quarter of a billion dollars to help Trump win November's presidential election, led the Department of Government Efficiency's efforts to slash the budget and cut the federal workforce until his departure in May to refocus on his tech empire. Musk initially received a warm White House sendoff from Trump, but then incurred the president's wrath by describing Trump's tax cut and spending bill as an abomination. Trump pulled the nomination of Musk ally and tech entrepreneur Jared Isaacman to lead NASA and later threatened to cancel billions of dollars worth of federal contracts with Musk's companies after the blowup between the two men. The "five things" email, launched by Musk in February to boost accountability, sparked tensions with department chiefs who were blindsided by the weekend email mandating the move. It also fueled confusion among government workers who received mixed messages about whether and how to comply. Reuters reported in March that the White House installed two Trump loyalists at OPM to ensure better policy coordination between the White House and the agency. Scott Kupor, a venture capitalist who took the helm at OPM in July, foreshadowed the end of the initiative last month, describing processing of the weekly response emails as "very manual" and "not efficient." It is "something that we should look at and see, like, are we getting the value out of it that at least the people who put it in place thought they were," he said.
Evening Standard
29 minutes ago
- Evening Standard
BP fuels FTSE 100 but soft US data tempers gains
The London-based brewer and distiller, which owns brands ranging from Guinness stout to Johnnie Walker whisky, on Tuesday reported a decline of more than a third in its bottom line in the financial year that ended in June, as a slight decline in net sales was compounded by impairment and restructuring costs, unfavourable currency movements, and narrowed operating margins.
The Independent
29 minutes ago
- The Independent
Are online travel agents cleaning up their acts?
On Thursday I will fly on British Airways from London to Denver. The return trip cost £621. But I could have bought the same flights for around £30 cheaper going through an online travel agent (OTA). Odd though it may seem, the practice of selling some seats at deep discounts through a middleman has some merit from the airlines' point of view. The roots of the practice lie in the bad old days of heavily regulated fares. On many routes airlines could not be seen to sell tickets cheaper than the official fares. So they sold through companies called 'consolidators' who punted out cheap seats though retail agencies known as 'bucket shops'. Often the ticket would show an official fare that bore no relation to the amount paid – eg £1,200 for a trip that actually cost £500. That maintained the fiction that every airline was adhering to super-high fares. Thankfully, these days – in most circumstances – airlines can charge what they like. Yet they still often pay a modest commission to online agents who undercut them. Airlines use intermediaries to provide additional sales power. They want to be relevant in the intensely fare-sensitive part of the market, such as people who search on Skyscanner and other price-comparison sites. Take my flight from London to Denver this week. BA knows that there are plenty of us who will book direct, in order to minimise problems when things go wrong – and, in the case of buying on the benefit of a cooling-off spell of 24 hours in which to cancel for a full refund. To meet this demand, the airline can apply a modest premium. But for those who are simply interested in the lowest fare, BA seats are likely to be available more cheaply through an OTA. My rule is only to use an online travel agent if the saving is 10 per cent or more. In this case, it was under five per cent. Not enough to persuade me to agree to the online agent's terms and conditions. The OTA reserves the right to apply credit card surcharges, and has a 'confirmed quotation' stage – after which point, fares could be increased, with little choice but to pay the extra. What if the airline cancels the flight? The online agent doesn't even mention the word 'refund', even though this is the traveller's legal right in the event of a cancellation. As we discovered during the Covid pandemic, many OTAs took a cut of the airline's refund (and some just hung on to the customer's cash, blaming the carrier). In the EU, though, the rules are being redrawn in the traveller's favour. This week, the European Commission said that it had agreement from two giants, Expedia and that money will be handed back in full within two weeks of the cancellation. Similar undertakings have been made by other big OTAs, including Etraveli. You may not know this Swedish firm, but its brands include GoToGate and MyTrip. I used the latter to buy a ticket for a JetStar flight from Singapore to Melbourne earlier this year – which was cancelled at the gate. The cash took 17 days to come back. In contrast, still holds some of my money for a booking that fell victim to Covid five years ago. I shall revisit that transaction and see if the new agreement works to my advantage. It may be that UK travellers get a windfall from the EU's work – despite our bold decision to reap the many benefits of Brexit that we are now enjoying.
