More properties above $100 million were listed in 2014 than ever before, according to a new study released by Christie’s International Real Estate.

As the number of wealthy individuals rises, inventory in coveted markets is dwindling and extravagance is spreading to new areas. A thriving real estate market tends to have a cascading effect across the luxury sector, with consumers turning to other categories after a property is secured.

“In 2014 we saw a real growth in resort and weekend markets around the world,” said Micheal Sherman, vice president of corporate communications at Christie’s, New York. “This segment really exploded.

“Cities are still performing strongly, not at the levels we saw in 2014, but we expect 2015 to see sustained, healthy growth from major economic hubs and we expect the resort markets to continue to do well this year, especially in countries that have struggled a bit and still have room to grow, such as Italy, Spain and Greece.”

“Luxury Defined” is the third annual edition of the research paper. The report examines the world’s top 10 cities for prime property and 70 additional regional markets considered important.The traditional luxury market has often been pegged at $1 million and higher, according to Christie’s. The ultra-affluent, however, regularly escalate the benchmark. London and Beverly Hills, CA have the highest entry-points with luxury homes starting at $6 and $8 million, respectively.

Christie’s believes that $100 million is now the benchmark for this ultra-exclusive category, as more consumers move to collect “trophy” properties. Overall, homes priced at $1 million or more rose 16 percent in the 80 markets studied.Toronto was the hottest luxury market in the study, with a 37 percent increase in luxury sales from the year-ago period. Major luxury cities such as Paris and New York saw a return to normalcy. In New York, in particular, there has been acute disparity between demand and inventory. Consequently, prices have skyrocketed and luxury zones have branched out. High-value urban market sales rose 15 percent from the year-ago period, largely because of millennials growing up and baby boomers transitioning into new phases of life, according to Christie’s.

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“Second-home” markets such as Côte d’Azur, France, St. Barths, Cayman Islands, Telluride, CO and Turks & Caicos Islands saw a 28 percent year-on-year increase. Below-market peak pries, confidence in the economy and attractive investment opportunities led to this growth. Côte d’Azur clocked the highest price per square foot for a property at $22,577. Dubai, United Arab Emirates, ranked the most popular city for second-home purchases. Top global cities such as London and Miami retained their allure, as 44 percent of sales in London and 40 percent in Miami came from international buyers.

The report also provides numerous snapshots and deep dives of particular markets. Also, Christie’s provides a modern definition of luxury based on the preferences of affluent homebuyers. “Much like beauty, luxury is in the eye of the beholder,” said Dan Conn, chief executive officer of Christie’s International Real Estate. “It means different things to different people.