This year’s Financial News has listed the world’s top 10 most expensive streets. From Hong Kong to Fifth Avenue, residents are splashing out a jaw-dropping $78,000 a square meter for these prestigious addresses.
1. Severn Street, Hong Kong
Average cost per square foot: $78,200
According to the Wall Street Journal report, Severn Street in Hong Kong is now the most expensive street in the world. Despite seeing rates fall by as much as 72 percent during the recession, the wealthy residents of this luxury area successfully drove prices back up, helping to secure their prestigious title for the second year running.
2. Kensington Palace Gardens
Average cost per square foot: $76,600
Nicknamed “Billionaires Row” due to its grand mansions, this very exclusive street can be found in West Central London. With a list of residents that reads more like a who’s-who of the VIP world, the newly-married Duke and Duchess of Cambridge, Prince William and Catherine, will soon be calling this street home. The royal couple will be well placed with neighbors such as the Sultan of Brunei and the U.K.’s richest man, Lakshmi Mittal, who lives in a mansion dubbed the Taj Mittal.
3. Avenue Princesse Grace, Monte-Carlo, Monaco
Average cost per square foot: $69,700
The most famous of all the billionaire playgrounds, Avenue Princesse Grace is suitably named after the true-life fairy tale princess, Grace Kelly. Despite the demand for real estate dropping in recent years, this affluent area still attracts some of the world’s richest people seeking out their classy casinos and Formula 1 Grand Prix racing.
4. Chemin de Saint-Hospice, Saint-Jean-Cap-Ferrat
Average cost per square foot: $62,700
Set far away from the average vacationer, Chemin de Saint-Hospice in Saint-Jean-Cap-Ferrat, France is a hotspot for European aristocracy and international jetsetters. Expect to find lashings of sun, sea, and cash in this golden getaway.
5. Fifth Avenue, New York City
Average cost per square foot: $62,700
Nestled in the city that never sleeps, Fifth Avenue boasts some of the priciest real estate in the world. It’s not just the properties that bring the rich flocking. Fifth Avenue is home to an array of luxury shops including Gucci, Tiffany’s, Versace, and Prada, to name but a few.
6. Quai Anatole, Paris
Average cost per square foot: $44,600
Paris is not just the city of romance, it also harbors Quai Antole, the elite neighborhood for the super-rich. Its gorgeous architecture and views of the River Seine have all contributed to its ever-growing property prices.
7. Rue Bellot, Geneva
Average cost per square foot: $43,000
With strict regulations around who can and cannot live on Rue Bellot, there is a big demand for apartments in this secluded neighborhood. This has all contributed to sky-high increase in property prices, turning this peaceful area into one of the richest streets in the world.
8. Via Romazzino, Porto Cervo, Sardinia
Average cost per square foot: $23,700
With Italian and Russian billionaires as well as celebrities from around the globe all choosing Via Romazzino’s vacation homes, there is a constant stream of paparazzi ever hoping to snap the classy residents of the expensive street.
9. Wolseley Road, Point Piper, Australia
Average cost per square foot: $20,900
For a long time now, Wolseley Road in Sydney has been one of Australia’s most expensive addresses. With recent purchases by Andrew Banks, co-founder of Morgan and Banks investments (worth $53 million), real estate prices have crept ever higher. Out of the 100 most expensive properties in all of Australia, 16 are found on Wolseley Road.
10. Ostozhenka, Moscow
Average cost per square foot: $18,000
Located on the banks of the Moscow River, Ostozhenka, also known as the Golden Mile, is home to many Russian billionaires. If living on this impressive street ever gets tedious for their rich residents, then they only have a short walk to the luxury shops, fine dining, and cultural wonders.
Overseas Property Mall is among the top three most-visited international real estate blogs. It offers insights into housing-market research and news from a wide spectrum of countries across the globe.
