For years, Miami’s real estate narrative was framed as a relocation story — a temporary influx driven by lifestyle appeal, pandemic dynamics, or tax advantages. Today, the data and market behavior suggest something deeper is underway. What we are witnessing is not simply migration, but a structural re-anchoring of global wealth. Catch Ana Bozovic on why California’s Billionaire Exodus Is Fueling Miami’s Rapid Real Estate Boom on Business Breakdown with Brian Bandell
Recent commentary from market strategist Ana Bozovic, alongside her latest market study, reinforces this perspective. Globally, high-net-worth relocations reached record levels in 2025 and continue to accelerate into 2026. Increasingly, wealthy households are not just seeking lifestyle upgrades — they are repositioning capital in response to policy risk, tax exposure, and long-term wealth strategy.
Across the United States and Europe, a clear pattern is emerging. Jurisdictions that once anchored capital are becoming more aggressive in their fiscal approach, from wealth-tax proposals in California to discussions of taxing unrealized capital gains in parts of Europe. History shows that wealth does not wait for policy to fully materialize — it moves in anticipation of it. High-net-worth households and family offices are actively evaluating where to base themselves for the next decade, not just the next season.
Miami has emerged as one of the primary beneficiaries of this global repositioning.
At the same time, the dominance of all-cash purchases at the top of the market underscores the source of demand. In many ultra-prime transactions, financing plays little role — a sign that pricing is being set by global liquidity rather than local affordability metrics.
This divergence is creating what analysts increasingly describe as a “two-market reality.” Lower price tiers are influenced by interest rates, insurance costs, and financing friction, while the prime and trophy segments operate as global asset classes. In these tiers, buyers evaluate Miami against New York, Los Angeles, London, and Dubai — and often still see relative value.
This shift in buyer psychology is crucial. Miami is no longer being purchased primarily as a second-home destination. Increasingly, it is being chosen as a primary residence, operational base, or long-term capital anchor. As businesses, family offices, and generational wealth structures follow these relocations, the effects become durable rather than cyclical.
Historically, global wealth has always concentrated in certain cities before shifting to others. London once served as the dominant financial capital, followed by New York. Today, a more multipolar global structure is emerging, with several cities competing to attract capital, talent, and influence. Miami is positioning itself as one of those nodes — supported by tax structure, international connectivity, lifestyle appeal, and a growing perception of economic and regulatory stability.
The implications for real estate are significant. Ultra-luxury markets are shaped less by transaction volume than by price-setting sales and land scarcity. Each record transaction reinforces a new benchmark, gradually recalibrating what buyers consider normal.
Taken together, the forces driving Miami’s market today extend far beyond seasonal tourism or local demand. They reflect a broader reshaping of how and where global wealth chooses to live, invest, and operate.
In that context, Miami’s rise is not a short-term phenomenon. It is part of a longer structural shift — one that is still unfolding.
Key takeaways from her Q4 2025 report
Miami Is Now Structurally a Luxury-Driven Market
- Dollar volume remains well above pre-Covid level
- Even as transaction counts normalize
- Luxury segments are carrying the market
- Lower price tiers are structurally constrained
- The market is no longer volume-driven.
It’s value-driven.
A New Super-Prime Reality Has Been Established
- $30M+ sales at record highs
- $3K+/SF transactions up over 4,000% vs 2019
- Entire price segments now exist that didn’t pre-Covid
- Ultra-prime is now a baseline, not an anomaly
- Miami has permanently entered the global trophy tier.
“This isn’t appreciation — it’s the creation of new price categories.”
Cash Dominance Confirms Global Capital Influence
- Over 80% of deals above $2K/SF all-cash
- Condo market ~69% cash above $1M
- SFH ~70%+ cash at higher tiers
“At the top of the market, financing is optional — capital is decisive.”
Miami Is Two Markets
The divergence is structural:
Lower tiers:
- below $1M not as robust vs 2019
- financing friction
- nsurance pressure
- aging condo stock
- reserve laws impacting supply
Upper tiers:
- $1M+ still elevated
- record Q4 for SFH above $1M
- demand supported by wealth migration
The Market Floor Keeps Rising
Despite normalization:
- SFH median still +73% vs pre-Covid
- Condos still +71% vs pre-Covid
- Inventory below $1M remains far below historical levels
- Downside is structurally cushioned.
Equity levels remain strong.
Early Stages of Wealth and Talent Migration
Ana’s position:
- We are in early stages of a long shift
- Covid broke old geographic habits
- The internet enabled mobility
- People now move based on:
- economic opportunity
- belief systems
- lifestyle choice
This is a multi-year trend, not a cycle.
“We’re not at the end of migration — we’re at the beginning.”
Miami Is Becoming One of the New Global Poles
Drivers she lists:
- tax environmennt
- airport connectivity
- business inflow
- quality of life
- perception of freedom
- Miami isn’t just rising — it’s repositioning globally
The shift is unlikely to reverse
- Momentum is powerful
- The real estate market is resetting to reflect Miami’s new status
- This is structural, not cyclical
At The APT Team, we believe that true market leadership comes from staying curious. We spend a great deal of time studying the forces shaping Miami’s evolution — not just transactions, but capital flows, policy shifts, and the broader economic currents influencing buyer behavior. We also believe that strong markets are built on informed conversations, and we’re not hesitant to give credit when someone contributes meaningfully to that dialogue.
One voice we’ve come to respect in this space is Ana Bozovic of Analytics Miami. Her work consistently looks beyond short-term headlines to focus on the structural drivers behind Miami’s growth. After listening to her recent interview, we found many of her observations aligned closely with what we are seeing firsthand across the prime and ultra-luxury segments of the market. We’re sharing that interview here, along with our perspective on what her insights signal about where Miami stands today — and where it may be heading next.
For years, Miami’s real estate narrative was framed as a relocation story. Today, both the data and market behavior suggest something deeper is unfolding. What we are witnessing is not simply migration, but a broader re-anchoring of global wealth.
