Portland is the world’s eighth “hottest” market for luxury real estate, a new report found.
Released on Thursday, the 2016 report from Christie’s International Real Estate listed two different rankings of luxury properties, based on a survey of 100 affiliate markets. Prime luxury property is defined as costing $1 million or more.
The report’s “luxury thermometer” compares primary residential and resort housing and gauges the health and performance of the market, the report said. Portland landed eighth on this ranking.
In Portland, costs for luxury property started at $2 million, according to the report. Portland’s luxury market saw a 40 percent growth last year, and prime properties sold in less than three months.
The uptick was likely driven by the technology industry, regional migration and young entrepreneurs, according to the report. Portland TV station KGW reported that international buyers made up a majority of recent luxury sales and properties are being