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Miami tops world in annual jump in luxury home prices

November 12, 2021 GMT
FILE - A woman walks past a shop in Monte Napoleone street in Milan, Italy, on Oct. 20, 2016. The personal luxury market of high-end accessories, leather goods and apparel has snapped back to pre-pandemic levels as U.S. shoppers outspent the Chinese in pursuit of the latest fashion trends, according to a new study released Thursday, Nov. 11, 2021, by the Bain consultancy. (AP Photo/Antonio Calanni)
FILE - A woman walks past a shop in Monte Napoleone street in Milan, Italy, on Oct. 20, 2016. The personal luxury market of high-end accessories, leather goods and apparel has snapped back to pre-pandemic levels as U.S. shoppers outspent the Chinese in pursuit of the latest fashion trends, according to a new study released Thursday, Nov. 11, 2021, by the Bain consultancy. (AP Photo/Antonio Calanni)
FILE - A woman walks past a shop in Monte Napoleone street in Milan, Italy, on Oct. 20, 2016. The personal luxury market of high-end accessories, leather goods and apparel has snapped back to pre-pandemic levels as U.S. shoppers outspent the Chinese in pursuit of the latest fashion trends, according to a new study released Thursday, Nov. 11, 2021, by the Bain consultancy. (AP Photo/Antonio Calanni)

MIAMI (AP) — The biggest worldwide jump over the past year in luxury housing prices is in South Florida.

Prices for luxury housing in Miami jumped more than a quarter from 2020 to 2021, according to an analysis by the British-based firm, Knight Frank.

The firm analyzed price changes for the “most desirable and expensive property in a given location,” which is generally defined as the top 5% in the market by value for 46 cities across the world.

It is the first time Miami has topped the high-end residential price index since it was created in 2007, according to the Miami Herald.

“The hunt for larger accommodation, coastal living, and Florida’s low taxes acted as a key draw for a new breed of remote workers in the U.S.,” the report said.

Other cities with double-digit jumps in luxury home prices over the year were Seoul at 23%, Shanghai at 21%, Moscow at 21%, Toronto at 20% and San Francisco at 20%.