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, 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.
2. Kensington Palace Gardens
Average cost per square foot: $76,600
Nick-named ‘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-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 neighbours such as the Sultan of Burnei and the UK’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 Princess 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 there 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 holiday-goer Chemin de Saint-Hospice, Saint-Jean-Cap-Ferrat, France is a hotspot for European aristocracy and international jet-setters. Expect to find lashings of sun, sea and cash in this golden get-away.
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 harbours Quai Antole, the elite neighbourhood for the super-rich. It’s gorgeous architecture and views of the River Seine Paris have all contributed to it’s ever growing property prices.
7. Rue Bellot, Geneva
Average cost per square foot: $43,000
With strict regulations around who can and cannot live Rue Bellot, there is a big demand for apartments in this secluded neighbourhood. This has all contributed to sky-high increase in property prices, turning this peaceful area in to 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, Porto Cervo in Sardinia to purchase 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
Average cost per square foot: $20,900
For a long time now Wolsely 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 $53mn) 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.
At one square foot costing more than many earn in a year, it may be some time until you can afford one of these super-expensive addresses. With Kensington Place gardens hot on the heels of Severn Street, Hong Kong, will they manage to hold on to their top title for a third year? Time will tell.
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