CNBC: Sales of $100 Million Luxury Homes Hit Record High in 2016

According to a new report from Christie’s International Real Estate, 10 homes sold last year for $100 million or more.

Sales of homes worth $100 million or more hit a record high last year. According to a new report from Christie’s International Real Estate cited by CNBC, there were 10 homes that sold at that price point in 2016 alone, which is twice the previous record of five sales in 2014.

Half of the “super-homes” that were sold last year were in Hong Kong, which has recently become a leading location in the high-end housing market. The most expensive was a single-family home on Gough Hill Road that sold for $270 million. Together, the total value of nine-figure homes that sold in 2016 surpassed the $1.4 billion mark. And even though the market for these high-end homes is limited, experts say that the industry is catching up to other segments of the wealthy economy.

In an interview with CNBC, Christie’s International Real Estate CEO Dan Conn said, “I think homes are just catching up with the rest of the luxury world. These homes are stores of value and they have proven over time to have a positive return without the kinds of volatility you get in equity markets.”

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