Toronto ranks the world’s hottest luxury real estate market

Posted on 03 May 2015. Tags: estate, hottest, Luxury, market, ranks, Real, Toronto, world's

Toronto was ranked the world’s hottest luxury real estate market in a new report that shows US$ 100 million is the new benchmark for prime properties.

Demand for mega-mansions and penthouses has accelerated as wealthy buyers seek havens for their cash and search for alternative investments such as art and collectible real estate, according to the report Thursday by Christie’s International Real Estate, owned by auction house Christie’s.

While Toronto ranked 10th on the report’s luxury index overall it was first on the luxury thermometer as the only top city to see a 37 per cent increase in luxury home sales in 2014 compared to just four per cent the previous year.

Contributed By Sonia Narula

News of Delhi