Wealth Bulletin’s Top 10 most expensive streets in the world
The bursting of the housing market bubble is causing increasing concern among a widening spectrum of the population, but for the really wealthy the downturn might have little or no impact on the prices they are paying for property.
Indeed, prices for the top homes in the best locations appear to have decoupled from the gloom and doom being felt in the wider property market, according to a survey by Wealth-Bulletin of the world’s top ten most expensive streets.
If you want to live in the best accommodation in these streets you will need to be a billionaire, or not far behind.
Take for example Avenue Princess Grace in Monaco – the world’s most expensive street.
Properties on the avenue change hands for up to $41m – and many of them are fairly modest four-bedroom apartments. This implies that top apartments sell for an eye-watering $190,000 per square metre.
The world’s second-most expensive street is Severn Road, located on The Peak in Hong Kong, where the best properties with spectacular views of the city change hands for around $120,000 per square metre. Expect to pay around $80,000 per square metre if you want to live in the world’s third most expensive street – Fifth Avenue in New York City.
Fourth place goes to Kensington Palace Gardens in London – often referred to as “Billionaires Row”.
Houses on this street might sell for some of the highest prices in the world, but the more generous supply of space means you get more square metres for your money than in Monaco and Hong Kong. For a prime property in Kensington Palace Gardens you’re looking at $77,000 per square metre.
Paris’ Avenue Montaigne, in the 8th arrondisement and near the Champs-Elysees, takes 5th place at $54,000 per square metre.
Moscow’s Ostozhenka street, in 6th place with $40,000 per square metre, and Mumbai’s Altamount Road, 10th with $25,000 per square metre, wouldn’t have even been considered for the list a decade ago, but their inclusion today shows just how important these cities have become for the burgeoning billionaire class in India and Russia.
Avenue Princess Grace, Monaco $190,000 per sq/m
Named after the iconic Hollywood star Grace Kelly, who was married to Rainier III, Prince of Monaco, the palmed-lined Avenue Princess Grace is the world’s most expensive street.
Currently, a 213 square metre four-bedroom apartment is on the market priced at $41m – or a staggering 190,000 per square metre.
At that price you will get a view of the Mediterranean, but not much else – the apartment isn’t in a particularly cutting-edge building, nor has it any spectacular features, which you might expect when paying more than anywhere in the world for your space.
But you get a bolt hole in possibly the most exclusive enclave in the world. If you’re paying that amount for an apartment, you’ll probably be mixing with some of the Monaco regulars like most of the wealthiest elites from the Middle East that visit the principality at least once a year, a smattering of Russian billionaires and, of course, the glamorous Monaco royal family.
Severn Road, Hong Kong $121,000 sq/m
Hong Kong’s Severn Road is located in the city’s most exclusive district, The Peak, at the top of Hong Kong Island. Residential property on Severn Road, named after a British colonial administrator, commands some of the most spectacular urban views in the world, overlooking the city’s skyscrapers and across Hong Kong harbour to Kowloon.
Property prices in the city have always been volatile, but China’s booming economy and the city’s proximity to the biggest concentration of manufacturing activity in the world in the Pearl River Delta, have buoyed prices in recent years.
A billionaire mainland Chinese businessman recently bought a 312 sq/m apartment on Severn road for $38m.
Fifth Avenue, New York City $80,000 per sq/m
Fifth Avenue, New York City, has the most iconic status of all the streets on the list and is Wealth-Bulletin’s third most expensive residential street in the world.
The Avenue stretches from Washington Square in lower Manhattan, all the way up to Harlem, but the residential properties in the Upper East Side of the Avenue that attract the sky-high prices. Some apartments are likely to sell for as much as $60m at exclusive addresses like Plaza Apartments, linked to the famous Plaza Hotel, and 834 Fifth Avenue, where the press baron Rupert Murdoch bought an apartment for $44m in 2005.
The most expensive apartments at these addresses are likely to fetch at least $80,000 per square metre.
Kensington Palace Gardens, London $77,000 per sq/m
The rich in London might be feeling the cold breeze of the credit crunch and faltering property prices, but the super rich in the capital are still paying out-of-this world prices for the most expensive houses in town.
The average price of a mansion on this private road in west London was recently put at £41.4m. But this won’t buy you much more than an apartment on the tree-lined street which runs parallel to Kensington Palace – one of the royal family’s residences. We estimate that you would need around $200m to buy one of the smartest Victorian mansions on KPG, as estate agents call it.
Lakshmi Mittal, the billionaire steel magnate, owns two houses on KPG. He bought his first house there in 2004 from Bernie Ecclestone, the Formula One racing boss, and paid £57m for the 18 bedroom mansion. Estate agents believe the 5,100 square metre virtual stately home in central London would go for at least £200m ($396m) in the current market, making its one square metre value at around $77,000.
Those rich enough to live in KPG get a private road with excellent security – the Russian and Israeli embassies are at either end of the street. But they might have to deal with extra levels of radiation reputedly emanating from embassies on the street due to the abundance of sophisticated listening devices.
Avenue Montaigne, Paris $54,000 per sq/m
Avenue Montaigne, in Paris’ 8th arrondisement and near the Champs-Elysees, has superseded Avenue George V as the capital’s most expensive. The avenue also has some of the most exclusive shops in the city.
It makes up “The Golden Triangle” with the Avenue Champs-Elysees in the east and Avenue Georges V in the west.
Although the French economy is slowing down, prices for the priciest apartments in Paris show little sign of falling. The strong euro also makes the dollar prices of for residential property in the city higher than a year ago.
Expect to pay around $54,000 a sq/m for the best properties on Avenue Montaigne.
$40,000 per sq/m
The most expensive street in Moscow is Ostozhenka, known as the Golden Mile. The name also refers to the Ostozhenka district in the Russian capital.
Residential prices on Ostozhenka, particularly on the south-west end of the street, go for around $40,000 a square metre and prices have risen by at least 50% in the last year.
Many of Russia’s rapidly growing number of billionaires have apartments on the street, which runs along the Moscow River. Apartments overlook famous Moscow landmarks like the Kremlin and the Cathedral of Christ the Saviour.
Via Suvretta, St Moritz $38,000 per sq/m
The winding Via Suvretta in the ski resort of St Mortiz is the most expensive street in Switzerland, where the most exclusive residential properties sell for around $38,000 per square metre.
Many prominent billionaires have holiday homes on the Via Suvretta, including Lakshmi Mittal and the Italian Prime Minister Silvio Berlusconi. Other residents include Luca Bassani owner of Wally Yachts, which makes some of the most expensive super yachts in the world.
Carolwood Drive, Los Angeles $30,000 per sq/m
Carolwood Drive in Beverly Hills has some of the most sumptuous residential properties in America, including Fleur de Lys, a 45,000 square metre mansion modeled after Versailles and is currently on the market for $125m.
For $30,000 a square metre on Carolwood Drive you get more than all the other most expensive streets in the world. At that price you would expect to get a palatial home on at least an acre of land.
Fleur de Lys, owned by Suzanne Saperstein, the former wife of billionaire David Saperstein, has a ballroom with ceiling frescoes, a pool house with kitchen, massage room and gym, a three-bedroom manager’s house, staff quarters for 10, a nine-car garage, and a jogging track.
Wolseley Road, Sydney $28,000 per sq/m
Wolseley Road in Point Piper has enjoyed a long-standing reputation for being the country’s ultimate address. Properties on the road have some of the best harbour views of any city in the world, with stunning scenery across to the famous Sydney Harbour Bridge and the Opera House.
Craig-y-Mor is a non-waterfront house on Wolseley Road. Australia’s most expensive residential property, sold in 2008 for $32.4m. Properties on Wolseley Road will go for at least $28,000 per square metre.
Property on Wolseley Road has benefitted from a very strong Australian dollar in recent months that has appreciated around 20% against the US dollar since the beginning of the year.
$25,000 per sq/m
Altamount Road, Mumbai
Altamount Road in India’s financial and business capital Mumbai rounds off Wealth-Bulletin's survey in 10th place. The tree-lined street in the south of the city has always been a popular choice for homes of India’s very rich.
But the street was catapulted into the ranks of the world’s most expensive when India’s wealthiest individual Mukesh Ambani unveiled plans last year to build a residential apartment block on the street at a cost of around $1bn. The extraordinary 27 floor building, called Antilia, will be as high as a normal 60 floor skyscraper, have elevated gardens and three helicopter pads.
Prices in Antilia are likely to be at least $25,000 per square metre – possibly even more.
Thanks to Quintessentially Estates, Knight Frank, The Prestige Property Group, Ideas Network, Mercury Homesearch and The Private Office for all of their invaluable help.