Top 7 Most Expensive Streets in the World in 2011

I just got a recommendation from a good friend to read an article in a local magazine about the most expensive streets in the world, considering this maybe a good topic for a new post on my blog. Alter I bought the magazine and check the source, it showed that the information was basically the same since 2008 (about places and prices), so taking the idea for a post on this blog, I investigated different sources to come out with a more reliable list.

After doing some research, I found a source for this information that seemed to be the most accurate. The world’s most desirable addresses have largely been sheltered from the slump in property prices felt elsewhere, according to a survey of the most expensive residential streets in the world carried out by Financial News, sister paper to the Wall Street Journal Europe.

To compile the list, researchers asked international and local property specialists to name what they considered the highest-priced streets according to the average price of residential property. A shortlist of 7 was drawn up using price in euros per square meter of property.

1. Severn Road, Hong Kong

Top price: €57 000 per m2

Price change since 2009: +9%

Expect to pay at least €55 000 per square meter for property at the summit of Victoria Peak, high above the business district of Hong Kong. The road comprises fewer than 60 properties including ‘8 Severn’.

But expect volatility. Prices have soared by as much as 60% over the last two years, after plummeting 40% at the beginning of the financial crisis.

2. Kensington Palace Gardens

Top price: €55 000 per m2

Price change since 2009: +2%

Known to locals as “Billionaire’s Row”, this private London road became the new home of Tamara Ecclestone, the daughter of F1 mogul Bernie Ecclestone, in January. Her father paid £45 million for number eight Kensington Palace Gardens, next door to his home at number six.

3. Avenue Princesse Grace

Top price: €50 000 per m2

Price change since 2009: +2%

Moving up a slot from last year, the iconic Avenue Princesse Grace in Monaco has regained some of the losses it made during the recession when lacklustre demand hit the marina-front avenue. Jean-Claude Caputo, chief executive of Riviera Estates, says: “Owners on the street tend to be so wealthy they do not need to sell.”

4. Chemin de Saint-Hospice, Saint-Jean-Cap-Ferrat (tie)

Top price: €45,000 per m2

Price change since 2009: +5%

A home in Chemin de Saint-Hospice, which snakes around the peninsula of Cap Ferrat, will set you back at least €45 000 per square meter, says Mr. Caputo. There are just 15 houses on the peninsula – one of which is owned by the Saatchi family.

4. Fifth Avenue, New York (tie)

Top price: €45 000 per m2

Price change since 2009: -4%

Down two places from the previous year, property prices on Fifth Avenue have come under pressure at the lower end, according to local agent Stribling & Associates. However, Kirk Henckels, director of private brokerage at Stribling, says: “The large trophy apartments have been going for $60 000 per square meter. It seems to no longer be “uncool” to spend money.”

6. Quai Anatole, Paris

Top price: €32 000 per m2

Price change since 2009: (New)

Situated on the left bank in the seventh district, Quai Anatole replaces Avenue Montaigne on the list, as Paris’ most exclusive road. Laurent Pepineau, director of Parisian property firm Paris Estates, says the views from apartments on Quai Anatole have pushed up values on the street: “Prices for the best apartments on this street could go up to €32 000 per square meter.”

7. Rue Bellot, Geneva

Top price: €31 000 per m2

Price change since 2009: -2%

Nestled between the Parc Bastions and the Parc de Malagnou, Rue Bellot is the most exclusive residential street in the Quartier de la Cité, on the left bank of the river Rhone. Prices on Switzerland’s most expensive street are bolstered by tight selling restrictions and demand from the super-wealthy looking to relocate to Switzerland.

Source: Wall Street Journal

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