The ultra-luxury market in Miami is seeing growth that surpasses previous benchmarks, according to Ana Bozovic, founder and owner of Analytics Miami. In a recent interview, Bozovic offered her perspective on how rapid price increases at the highest end are reshaping the city’s real estate landscape.
“Single family houses past $3,000 a square foot didn’t exist before. I can’t even come to 2019 to 2018 there was one. We’re up 30 400% there were basically none. And now there are many,” said Bozovic, who has over 10 years of experience analyzing Miami’s residential market and holds a background in theoretical mathematics and physics from Columbia University.
The Miami ultra-luxury market has posted record-breaking volume through Q3, with sales above $30 million already exceeding last year’s totals, which were also a record. This marks activity at price points that did not exist before the pandemic.
Bozovic attributes Miami’s current ultra-luxury market trends to a mix of domestic migration, tax advantages, and broader global forces. She notes that the continued inflow of wealth and talent from other U.S. regions reflects a shifting national landscape: “New York was the capital of the 20th century world pre-internet, and nothing is forever,” she explained, suggesting that cities like Miami are becoming the new centers of gravity for affluent professionals.
Census data supports this trend, showing that low-tax states such as Florida and Texas are major beneficiaries, while high-tax states like California and New York are losing residents. On a global scale, Bozovic emphasizes that the surge in ultra-luxury real estate is part of a wider phenomenon tied to the expanding wealth divide, one she believes will continue to reshape global property markets in the years ahead.
Bozovic focuses on price per square foot as a key metric, as it “isolates for new product at prime location, only new product is at very high prices per square foot.” Her data indicates that at higher price points, especially on a per-square-foot basis, Miami outperforms pre-pandemic levels.
She notes that these are not gradual shifts but significant jumps. “We look at data sets, you want to find segments that have this spike where there’s a big change in the data from before and afterwards, like not even a gradual words like this.”
Asked about the market’s sustainability, Bozovic expects continued growth, citing ongoing migration from high-tax states. She references census data showing Florida and Texas as top destinations for interstate movers.
The construction pipeline also supports this outlook, as nearly all new condo developments are priced at a premium. “It’s virtually impossible to deliver product, condo product, to sell to the consumer below 1000 a foot,” she noted, with most projects starting around $1,200 per square foot.