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Luxury Property

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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

severn-street-hong-kong

According to the Wall Street Journal report, Seven Street in Hong Kong is now the most expensive street in the world. Despite seeing rates fall by as much as 72% 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.

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If you’ve recently found a little cash down the back of the sofa and you’re in a property-buying mood, you may like to take a look at the following streets around the world. Although prices on these most expensive streets fell in overall value by 12% last year, that’s still better than the 20% to 30% experienced in the mainstream market. Europe was less hard hit than the US.

1. Avenue Princesse Grace, Monaco, $120,000 per sq/m

Avenue-Princesse-Grace-Monaco

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Fighting off the hordes of annoying paparazzi is a full time business for many celebrities as late Princess Diana knew all too well after being snapped with her lover Dodi on a yacht in the French Riviera. But how does one famous enough to attract those camera-wielding critters on two legs protect oneself against the ever annoying press?

The answer is; it’s hard unless your name is Roman Abramovich, and you are a Russian oligarch clever enough to have come up with a novel solution to protect his privacy.

abramovich-new-yatch-eclipse

Abramovich has installed an anti-paparazzi shield on his newest yacht Eclipse- the world’s biggest and most expensive private yacht to deflect the pack. His new invention could soon become standard procedure for the rest of the world’s billionaires in order to starve off happy-snappers.

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Luxury home sales in Scotland are on the rise as cash rich buyers re-enter the market. Many investors are also moving away from the over-inflated real estate prices in London and seek bargains elsewhere, re. in Scotland.

Real estate agents see this renewed surge of sales as a positive sign for the market. Jamie Macnab, director of country houses with Savills was overheard saying: “We’ve had a lot of interest in Scottish country houses lately from Europeans, especially as they realize they can get better value for their money because of the exchange rate.”

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The once thriving real estate market in New York’s prestigious Manhattan district has experienced a heavy blow in the last three months. Sales have gone down by 50% and prices have continued to sink, leaving owners little hope to sell their apartments for a nice profit.

Jonathan Miller, CEO of real estate appraiser Miller Samuel, stated: “Sales were off by 50% because of the weak economy, rising unemployment and, most important, the credit crunch.”

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Apogee can be described as a building that epitomizes luxury and one of South Florida’s most prestigious developments . It’s $22 million penthouse is up for sale at the moment and is nothing but jaw dropping.

This six bedroom, 7.5 bath, three-level penthouse apartment has a massive internal space of 6,853 SQ. FT and over 11,000 SQ. FT of terrace space with unbelievable ocean, bay, and city views.

There is a 360-degree rooftop palazzo, private pool, and summer kitchen. The main living area’s floor to ceiling height of 22-feet is enclosed by double-height floor-to-ceiling windows.

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April 2008 sees the launch of Europe’s first six star service hotel and residential resort ‘Palacio da Quinta’, situated in the Algarve, Portugal’s most beautiful coastal region.

The truly palatial development will comprise 80 luxurious apartments and penthouses set within 17 acres of lush sub-tropical gardens. Residents’ every wish will be provided for by a central six star service hotel, including private chef and butler, 24 hour concierge, chauffeur service, private jet and yacht charter. The resort will also feature indoor and outdoor swimming pools, 1000sq.m health spa, cinema, gourmet destination restaurants, bars, designer boutiques, tennis academy and offer preferred tee times and discounts on green fees at some of the finest golf courses in Europe.

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As we all know by know, times are tough. Signs of it are found everywhere we look - from flagging real estate prices to...

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