With record population growth and increasingly extended construction timelines, Miami’s luxury real estate market is entering a new phase of appreciation. Limited new inventory, active international buyers, and a long-term expansion horizon projected through 2030 are defining this new cycle.
In recent months, several media outlets have suggested that South Florida’s real estate market is showing signs of weakness. However, Craig Studnicky, president of ISG World, challenged those conclusions during the presentation of the Miami Report Q2 2025.
“The problem with those headlines is that they’re simply wrong… they don’t do the proper research and lump all inventory together,” he warned.
The data tells a very different story. In the first six months of 2025, 70 condominium transactions above US$10 million were completed across Miami-Dade, Broward, and Palm Beach counties—compared to just 47 in all of 2024. This pace reflects the dynamic of a market that’s once again climbing the “roller coaster” that George Pérez, founder of Related Group, uses to describe Florida’s real estate cycles.
Available inventory mirrors that trend. In condominiums less than 30 years old and valued above US$10 million, supply dropped from 363 units two years ago to just 94 in June 2025. With fewer listings and more closed sales, asking prices have climbed 15% in just six months.
The Key Divide: Buildings Under or Over 30 Years Old
One of the defining lines in today’s market is building age. Following the events in Surfside in 2021, Florida authorities strengthened structural safety regulations and introduced new requirements known as milestone laws, which mandate inspections and upgrades for towers that are more than three decades old.
These measures have led to substantial costs for owners and reduced interest among international buyers in older buildings.
“I’ve heard assessments as low as US$25,000 per unit and as high as US$400,000 in buildings that are 30, 40, 50, 60 years old—it’s not very appealing,” summarized Studnicky.
As a result, 88% of the 25,000 condominiums currently listed across the three counties belong to inventory over 30 years old, which has lost up to 24% of its value in the past 18 months. Meanwhile, newer projects maintain strong demand, selling in an average of 93 days and continuing to push prices upward.
The Demographic Factor: 1,300 New Residents per Day
Beyond property age, the main driver of this boom is population growth. In 2024, Florida added 1,300 net new residents per day, consolidating its position as the second-fastest-growing state in the U.S., behind only Texas. The trend remains steady in 2025.
This steady inflow of residents is putting pressure on an already limited supply of condominiums. According to ISG World, roughly 20,000 traditional units should be built per decade to keep up with population growth. Yet, in the current cycle that began in 2020, only 13,800 units are in development, and just 7,600 are actually under construction.
“We’re well below what we need to accommodate future growth,” admitted Studnicky.
Miami Mayor Francis Suárez echoed this concern:
“We run the risk of becoming victims of our own success if we don’t build enough housing for the businesses and families moving to the city.”
Argentine Buyers and the Appeal of Prime Areas
Swann Real Estate confirms that international appetite for Miami remains strong, with Argentines ranking first among foreign buyers, representing 18% of all transactions over the past year.
The most active profiles are families aged 45 to 65 with consolidated assets, seeking to protect capital in dollars while owning a property they can also enjoy as a second home.
“Argentine investors often combine financial logic with emotional value—they want a property that performs but also one they can enjoy”, notes from Swann.
When it comes to location, demand is concentrated in Brickell, Key Biscayne, Sunny Isles, Bal Harbour, Wynwood, and Downtown areas, offering strong appreciation potential and a blend of urban living with proximity to the beach.
This interest is further supported by a favorable context: the elimination of the sales tax on commercial leases in October 2025 and the absence of a state income tax strengthen Florida’s position as a competitive and stable environment for wealth investment.
Far from slowing down, Miami continues to affirm its place as one of the most resilient and attractive real estate markets in the world. The combination of population growth, limited supply, and institutional stability creates an environment that supports sustained appreciation in the luxury segment.
At Swann, we help our clients interpret these trends, identify opportunities, and design long-term investment strategies with vision and purpose.
Interested in learning more about Miami’s luxury real estate market or exploring new investment opportunities? Contact our team.