The rise of the luxury real-estate markets in Miami and Dubai has created an interesting dilemma for many internationally mobile UHNWs: which burgeoning global hub for business and lifestyle should they choose?
That is the view of Daniel Daggers, founder of prime property brokerage DDRE Global and star of the Netflix series Buying London, who reported a bifurcation among his UHNW client base, between those who gravitated to the Florida city and those who preferred the Middle East’s most established business and lifestyle capital.
‘We are seeing an absolute dissection of who is going west and who is going east,’ said Daggers, speaking alongside other real-estate experts at Spear’s 500 Live. ‘Anyone who comes from a Middle Eastern or Southeast Asian background is going to Dubai and anyone who is European or Western to a certain extent is making Miami their destination of choice.’
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In a panel discussion entitled ‘Bridging Worlds: Miami’s emergence as a global luxury market and its links with London’, which was presented in partnership with Mast Capital, the speakers also addressed the consistent rise and appeal of branded property developments in Miami and beyond.
Branded residences, which are real-estate projects attached to a well-known name in luxury that often provide hospitality services to their residents, are dominating the landscape of new high-end developments in cities such as Miami and Dubai, Daggers said. ‘Branded residences dilute the question of doubt which is required when making a purchase.’
Miami has attracted a significant number of buyers and interest originating from the UK, said Michael Patrizio, managing director of Mast Capital, whose company is at the forefront of prime property development in the city. A pro-business environment and burgeoning cultural offering typified by Art Basel Miami and a food scene that has been bolstered by the arrival of big-name chefs such as Massimo Bottura were among the attractions, he said. (Bottura, whose Modena restaurant Osteria Francescana has earned three Michelin stars, opened Torno Subito in downtown Miami last year.)
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Powerhouses in tech and finance, from Microsoft and Apple to Blackstone and Citadel, have increased their presence in Miami, and billionaire titans such as Jeff Bezos have begun to treat the metropolis as their primary personal residence. In 2023, Bezos reportedly purchased two adjacent properties on Miami’s Indian Creek Island – an area nicknamed ‘Billionaire Bunker’ – for a combined $147 million.
Patrizio said: ‘All ultra luxury buyers care about three things: they want great service, great food, and a sense of community and like-mindedness.’
‘It has got to be authentic, and it has got to resonate with UHNW individuals.’
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The Perigon and Cipriani Residences are two of Mast Capital’s Miami developments which have reported strong sales activity, with an apartment at the latter reportedly being purchased by Lionel Messi. Patrizio said that all residents’ privacy was paramount and that it was his firm’s policy not to comment on any individual buyers; he would neither confirm nor deny the reports. Some 79 per cent of the apartments in the Perigon have been sold, even though the building is not scheduled for completion until 2027. The Cipiriani Residences are slated for delivery in 2028.
Creating a natural environment which feels authentic to its location is what makes new developments feel liveable, said landscape architect Neil Porter, a founding partner at Gustafson Porter + Bowman, who worked with Mast Capital on the design at The Perigon.
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On being a London design firm working internationally, he said: ‘When we do not know a place, being a slight outsider looking in helps to make a difference.’
‘We had to get very much into palms,’ Porter added.
Hamish Brown, a partner at 1508, the interior design firm tasked with designing the interiors of Mast Capital’s other prime Miami development, Cipriani Residences, spoke of the high standards American clients expect from luxury developments.
Brown said: ‘Hopefully we make even the most mundane things like brushing your teeth an exciting experience. We think about every possible function you have within a property and making it as fun and exciting as possible.’
He added: ‘One of the greatest things about America is that they push boundaries, they are looking to do things bigger and better. I believe in combining the level of finesse and detail we have in London with that ambition Americans have.’
On the future of luxury real estate, the pendulum may eventually swing back towards traditional prime markets such as London, Paris and New York, argued Daggers.
He said that property prices in locations such as Mayfair can now sometimes be less than in emerging prime hubs such as Dubai, with prices now reaching £2,000 to £3,500 per square foot for residential assets.
Adding an American perspective, Michael Patrizio sang the praises of West Palm Beach as a growing centre of luxury property development in America, while also expressing his continued excitement for sustained interest in Miami, which he said had ‘matured’ as a global luxury real estate market.
Spear’s 500 Live is the premier live event for private client professionals and leading figures from the private wealth and family office ecosystem. The 2025 edition took place at the Savoy in London and was attended by more than 500 high-calibre delegates.
Spear’s 500 Live was presented in association with our partners, Blacklane, the Charities Aid Foundation, CMB Monaco, HCA Healthcare UK, Henley & Partners, Interpolitan, Invest Barbados, Maddox, Mast Capital, Sentinel Resource Group and Stewardship.
For commercial enquiries concerning Spear’s events, contact shady.elkholy@spearswms.com.
