New | Global US$100 million home sales reach record

The ultra-luxury housing market is scaling new heights as a record number of properties around the world command prices topping US$100 million.

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 a report by Christie's International Real Estate, owned by auction house Christie's.

Five homes sold for more than US$100 million last year, with at least 20 more on the market with nine-figure asking prices, the brokerage said.

"You're looking at a universe of over 1,800 billionaires who are starting to become members of this club of collectors of the most unique and incredible real estate in the world," said Dan Conn, the chief executive of Christie's International.

"It's something they'll hold on to for a lifetime, the same way they'll hold on to a Picasso or a Warhol or any number of the great pieces of art we've sold over the years."

Sales were expected to rise this year with more newly built properties and off-market homes trading for at least US$100 million, Conn said.