How to transfer Google Cloud project ownership?

In case there are still people looking for the answer, the process may have changed a little bit. As of December 2018 -

1. Navigate to your project at https://console.cloud.google.com/

2. Click the "hamburger" menu button. Click Menu Button

3. Select "IAM" under "Access" Click IAM

4. At the top, click "ADD" Click ADD

5. Name the new Owner and select "Owner" under "Project" Select Owner under Project

6. Instruct your new Owner to Accept the Invitation

7. On new Owner's account, go to Billing in the "hamburger" menu and either link the project to an existing billing account or set up a new Billing account to link the project to.

8. On the new Owner's account, go back to the IAM section and delete your account from the list by clicking the pencil on the right and then the trash can icon. Pencil Trash can

1. Share your project with a destination account using Permissions/Add Member/Is Owner
2. Accept invitation from destination account.
3. Remove yourself from this project. (Permissions/Select your account/Remove)