Miami is the eighth largest global market for luxury real estate, according to a report from Christie’s International Real Estate, The Miami Herald reports.

The most expensive home sold in Miami in 2012 fetched $47 million. The largest Miami deal ranked third, as the most expensive houses sold in London ($121.2 million) and New York ($88 million).

Greater Miami’s luxury homes are still a relative bargain: For the year ended Sept. 30, 2012, for Miami residences listed at more than $1 million, the average was $764 per square foot. The record price in Miami was $3,463 per square foot, the report said.