Miami
Miami versus the world.
No state income tax, a deep international buyer base, and a dollar that still goes further here than in most prime global markets. The case for Miami is not a feeling.
(01) The pipeline
Brands making a home in Miami
The skyline you see today is not the one going up for the end of this decade. Seventeen buildings, with delivery dates and what is actually confirmed. Open any project to request a private presentation.
18 of 18 projects
(02) The numbers
0%
Florida personal state income tax. Florida also levies no inheritance tax, gift tax or tax on intangible personal property.
Florida Department of Revenue, GT-800025, rev. 08/2025
15%
Share of South Florida residential dollar volume from international buyers in 2025, against 2% nationally.
MIAMI Association of Realtors, 2025 Profile of International Home Buyers, published 27 Jan 2026
(03) Global value
How much prime property one million dollars buys
Measured against the prime markets buyers most often compare Miami to.
Source: Knight Frank, The Wealth Report 2026, Prime International Residential Index. Figures are Q4 2025, published in square metres and converted to square feet. This is a selected comparison set, not the full index.
By Riya
12 Months
Miami's condo market currently has 12 months of inventory, officially putting it in buyer's-market territory.
But inventory has now fallen for six months straight and sales are picking back up.
There is still room to be a buyer. The interesting question is how long that lasts.
MIAMI Association of Realtors, July 2026 market report, published 17 August 2026. Condo inventory declined for a sixth consecutive month. Total home sales rose for an 11th consecutive month.
(04) Who is buying
Miami is the #1 US market for foreign buyers
International buyers spent 4.4 billion dollars on South Florida homes in 2025, up from 3.1 billion the year before, across roughly 5,300 properties.
49%
of new construction, pre-construction and condo conversion sales went to international buyers, over the 18 months ending July 2025
51%
of international transactions were all cash, against 47% nationally
$558,700
median price paid by South Florida international buyers, against $494,400 for foreign buyers nationally
Top countries of origin
- Colombia15%
- Argentina12%
- Mexico7%
- Brazil7%
- Venezuela5%
- Canada5%
- Peru5%
- Spain4%
- Chile4%
- Italy3%
MIAMI Association of Realtors, 2025 Profile of International Home Buyers, survey fielded August to October 2025, published 27 January 2026
(05) Who is moving here
The companies that actually came
Plenty of firms announced a move to Miami. Fewer followed through. These are the ones that put a building up or moved people in, with what is actually confirmed.
Leases roughly 50,000 sq ft at 830 Brickell, which it uses as a regional hub for its Latin America business.
Source: Commercial Observer
Leased about 42,000 sq ft at The Plaza Coral Gables, reported in April 2024.
Source: The Real Deal
Broke ground on a new global headquarters in the Waterford district on 1 May 2026, leaving Doral after about 30 years. More than 2,000 employees, completion 2028.
Source: Carnival Corporation
A 350,000 sq ft headquarters expansion at PortMiami topped out on 16 June 2026.
Source: HOK
Assembled an entire Brickell block for over $770 million and broke ground in March 2026 on a planned $2.5 billion headquarters tower now under development. About 500 people in interim space today.
Source: Bisnow, Commercial Observer
Opened its first ever Miami office in Wynwood in 2025, expanding to over 75,000 sq ft in July that year.
Source: Bloomberg
Moved its headquarters from Greenwich to Miami Beach and built its own building, occupied since late 2021.
Source: Starwood Property Trust
Relocated its headquarters to Coral Gables in 2024. About 800 South Florida office employees.
Source: Ryder
Opened a 74,000 sq ft Brickell office in October 2023 with well over 200 employees, including its chief investment officer.
Source: Millennium
Relocated its corporate headquarters from Denver to Aventura in Miami-Dade County in February 2026, listing 19505 Biscayne Boulevard as its principal executive office in SEC filings.
Source: SEC filings, CNBC
Opened a downtown Miami office at 2 MiamiCentral in 2021 and bought the 2 and 3 MiamiCentral complex for $230 million the same year. It houses Blackstone Technology and Innovations. The firm's headquarters remains in New York.
Source: The Real Deal, Commercial Observer
Has had a Miami office at the Southeast Financial Center since 1988, and roughly doubled that footprint in 2022 with a 35,000 sq ft lease supporting private wealth across Florida and Latin America.
Source: Commercial Observer
Opened one of its two global headquarters in Miami's Waterford Business District in March 2023, with about 150 corporate employees based there.
Source: Subway
Opened a Brickell office in March 2026 serving private wealth and institutional clients across South Florida and Latin America.
Source: Family Wealth Report
Carl Icahn moved the company's headquarters from Manhattan to Sunny Isles Beach in 2020.
Source: PROFILEmiami
(06) Questions
Questions people actually ask
Q:
What is the part about Miami nobody tells me?
A:
Summer is low season, and it is a buyer’s market. That is the part people do not say out loud.
HOA fees are also higher than you would expect. Ask me whether a building is worth it, and whether its fees are likely to keep climbing. That question matters more than almost anything else you will ask me.
Q:
Is there still money to be made here, or did I miss it?
A:
Both things are true. The easy money is gone and the market is more selective than it was.
There is still room, but it takes more strategy than it used to. You have to know which neighborhoods are actually developing.
What makes Miami different from other tier one cities is that you do not have to go ten miles out to find value. You can still be in the city center. You just have to know where those pockets are, and there are fewer of them every year.
Q:
Which of the new buildings would you actually buy in?
A:
Ask me and I will tell you, specifically, and I will tell you which ones I would not. Delivery dates move, and the difference between a building that holds its value and one that only photographs well is usually visible years before it finishes.
Q:
What is the risk with buying pre-construction?
A:
Your money is committed for years against a building that does not exist yet, and delivery dates slip. That is the honest tradeoff for getting in at today’s price on tomorrow’s inventory. It suits some people and it is wrong for others, and I will tell you which one you are.
Work With Me
Start the conversation
Two years out or two weeks out. Both are fine.