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Miami's ultra-luxury property market is heating up as buyers pay cash and the likes of car maker Bugatti enter with branded developments.

Miami-Dade County, which includes some of the region's best-known luxury markets such as Miami Beach and Sunny Isles Beach, recorded 194 home sales of $10 million or more in the first eight months of 2026, already 14.1% above the 170 transactions recorded during all of last year, according to the Miami Association of Realtors.

At the current pace, sales are projected to reach about 291 by year-end, surpassing the previous annual record of 230 set in 2021 during the pandemic-fueled homebuying frenzy, the association reported.

Miami tops the U.S. market for cash buyers, as per the association. About 82% of Miami condo sales valued at $1 million or more were all-cash transactions in 2025, the group said. UBS, which did an index of global housing markets, pointed to Miami's high share of cash transactions as a key reason its luxury segment has remained resilient, reducing its sensitivity to elevated financing costs.

That contributed to lower bubble risk according to UBS, which found that Miami, which had the highest bubble risk in last year's index, fell to "elevated" risk this year. The firm also pointed to continued demand from buyers relocating from higher-cost and higher-tax U.S. states as a factor supporting Miami housing values, saying a broad-based price correction appears unlikely in the near term.

Not all is rosy for the Florida city's market, though. Inflation-adjusted home prices fell 1.6% year over year, as elevated borrowing costs and worsening affordability weighed on demand in non-luxury areas.

Still, the strength at the top end is also showing up even beyond home sales.

Bugatti last week announced plans for its first branded residential development in the U.S., on Miami's Brickell waterfront, joining a growing roster of luxury auto brands putting their names on residences in the area.

The French luxury automaker joins a growing roster of high-end car brands putting their names on residential projects in the Miami area, including Porsche, Aston Martin, Bentley and Mercedes-Benz.

Jay Roberts, CEO of Prosper Group, developer of the planned Bugatti Residences Miami, described the city as the "global epicenter for wealth migration."