Fifth Avenue, NY (Image credit: Andrey Bayda / Shutterstock.com)
The world’s top 10 most expensive streets
London, November 20, 2013
In the wake of a recession that knocked as much as 40 per cent off the price tags of global prime property, the world’s wealthiest individuals are buying homes on top streets for higher-than-ever prices, according to data from Knight Frank published by Billionaire, a sister company of Wealth-X, the world’s leading ultra high net worth (UHNW) intelligence firm.
According to the recently released Wealth-X and UBS Billionaire Census 2013, the total real-estate holdings of the world’s billionaires is estimated at $169 billion, which equates to an average of $78 million per billionaire.
Billionaires own an average of four homes, many of which are based in trophy cities such as London, New York and Paris.
“The prime markets are still about investing in the most-established locations in the best areas with the highest-quality property,” said Edward de Mallet Morgan at Knight Frank.
Below are the 10 most expensive streets in the world:
1. Pollock’s Path, The Peak, Hong Kong
Average price per sq m: $120,000
2. Kensington Palace Gardens, London, UK
Average price per sq m: $107,000
3. Avenue Princesse Grace, Monaco
Average price per sq m: $86,000
4. Boulevard du Général de Gaulle, Cap Ferrat, France
Average price per sq m: $79,000
5. Paterson Hill, Singapore
Average price per sq m: $42,500
6. Chemin de Ruth, Geneva, Switzerland
Average price per sq m: $37,000
7. Romazzino Hill, Sardinia
Average price per sq m: $32,900
8. Ostozhenka, Moscow, Russia
Average price per sq m: $29,000
9. Fifth Avenue, New York, US
Average price per sq m: $28,000
10. Avenue Montaigne, Paris, France
Average price per sq m: $26,000
“The highest echelons of society grew their assets by over 5 per cent last year according to our research, and at this level of wealth there are few forced sales of real estate,” said Tara Loader Wilkinson, editor-in-chief of Wealth-X and editor-at-large at Billionaire.
“The cachet of buying a trophy property on a famous street is clear. But annual price rises in many of these exclusive neighborhoods demonstrates that owners can increasingly afford to wait for an offer they can’t refuse.”
“The appeal of super-prime property has rarely been higher,” said Liam Bailey, head of residential research at Knight Frank, “Rising demand for the best properties in the best locations has been set against tight demand, with limited new supply.” – TradeArabia News Service