The ultra-wealthy are ditching their second homes in London and buying up luxury properties in glamorous Miami, a new report has found.
Ultra high net worth (UHNW) individuals, people with a net worth of more than $30 million, make up an exclusive group with a population of around 480,000.
Members of this elite group own an average of three properties per individual, and a report from the information services firm Altrata found that Miami is the leading city for them to purchase luxury second homes.
‘Miami is the most popular second-home location in the US, and globally, with a total of 13,211 UHNW second-home owners,’ according to Altrata’s report, Residential Real Estate 2025: Spotlight on the World’s Leading Markets for the Wealthy.
Notably, the Billionaire Buyers in London mid-year 2025 survey conducted by Beauchamp Estates found that over 70 percent of wealthy sellers are ditching their second homes in the UK capital and heading to cities such as Miami.
Miami real estate agents told the Daily Mail they have worked with numerous international clients buying trophy homes in their city.
‘We’ve seen some interest from London-based buyers recently, many of whom are reallocating funds from the UK market into Miami, diversifying their holdings,’ said Maria Kuzina, owner of Miami Luxury Real Estate.
‘London buyers currently represent, I would say, around three to five percent of all international buyers in the luxury market.’
A new report found that Miami, Florida (pictured), is the leading city for the ultra-rich to purchase luxury second homes
Driving factors bringing the ultra-rich to The Magic City include the warm weather, sandy beaches and low taxes. Pictured: A home in Indian Creek Village, Florida, that is an island off the coast of Miami attracting wealthy buyers
Aerial view of South Beach architecture in Miami is seen above. Driving factors bringing the ultra-rich to The Magic City include the warm weather, sandy beaches and low taxes
Jay Batra of the Batra Real Estate Group said: ‘Miami continues to attract a diverse range of international buyers. Colombians, Brazilians, Russians, and Canadians are among the largest groups of foreign nationals investing in second homes here, drawn by the city’s vibrant lifestyle and unique real estate opportunities.
‘Miami Beach has historically seen 70 to 75 percent of its homes owned as second or third properties by buyers from across the US and around the globe.’
He said driving factors bringing the ultra-rich to The Magic City include the warm weather, sandy beaches and low taxes.
‘Miami has experienced strong growth of its wealthy second-home population over the past five years,’ Altrata’s report said.
‘The city has long been a popular location for wealthy buyers seeking an additional residence, attracted by Florida’s favorable tax regime, warm climate and coastal setting.’
Kuzina said her clients are drawn to Miami because ‘it strikes a perfect balance between lifestyle and investment opportunities’.
‘Miami remains a top choice for international buyers due to its year-round sunshine, tax advantages, waterfront lifestyle, and its growing status as a global luxury hub,’ she added.
‘Today’s buyers seek high-end, move-in-ready properties with privacy, premium amenities, and architectural distinction. Branded residences are particularly appealing as they offer world-class design, luxury services, and strong resale value.’
Some buyers are wary of Florida’s turbulent housing market due to soaring HOA fees and skyrocketing insurance costs
Miami real estate agents told the Daily Mail they have worked with numerous international clients buying trophy homes in their city
Batra explained that his international clients are looking for properties on the water with ritzy amenities.
‘Condo buyers are drawn to the stunning water views, prime locations, and vibrant lifestyle that Miami and Miami Beach offer, paired with the convenience of being steps from the beach,’ he said.
Miami at been at the epicenter of a condo crisis after the 2021 collapse of a condo building in Surfside led to a new law that requires condo buildings to undergo structural inspections and shore up reserves.
This has meant that many HOAs have been hiking fees and doling out hefty special assessments to comply with the new rules, which has reduced demand for condos.
‘In Brickell, the allure lies in luxurious high-rises with breathtaking views and top-tier amenities like pools, gyms, and more – all within close proximity to workplaces.’
He added that buyers searching for houses rather than condos tend to look for properties with a type of longevity.
‘For those searching for houses, priorities shift to spacious yards, waterfront properties, private pools, and a sense of privacy. Buyers also focus on neighborhoods with strong potential for long-term value and appreciation,’ Batra said.
‘Additionally, flexibility is key; they often seek homes that can be easily rented out for a few months to a year if needed.’
Downtown Miami is seen above. Properties like these offer the perks of waterside living
Aerial view of Miami skyline with skyscrapers at Downtown Brickell and Miami Beach at night
Batra admitted that some buyers are wary of Florida’s turbulent housing market due to soaring HOA fees, skyrocketing insurance costs, and in some cases, hefty special assessments imposed by homeowners’ associations.
‘Buyers, both local and international, are increasingly concerned about rising costs. High insurance premiums and common charges are climbing across the board, adding to the burden already posed by elevated interest rates,’ Batra said.
‘These combined expenses are making it more challenging to purchase and maintain homes.’
He noted that some of his clients have opted to purchase their homes in all-cash to escape these burdens.
‘However, I’ve observed a growing trend among cash buyers, who are stepping in to offset these monthly costs,’ he said.
‘In fact, the most recent transaction involved an all-cash buyer, reflecting the strong demand in this segment.’