Even in the face of a global recession, high-end real estate prices remain in the stratosphere. But when taken to the extreme, how high can prices really get?
To answer this question, each year Wealth Bulletin publishes a survey of real estate brokers to see which residential street boasts the highest average price tag per square meter. These annual real estate values rise or fall significantly year to year based on local demand, currency fluctuation (values are in US dollars), taxes and other factors.
So, what are the world’s most expensive streets? Click ahead to find out!
By Paul Toscano
Posted 5 Aug 2009
Cost: $28,000 per sq/m
Australia’s most expensive road is located on Point Piper, a peninsula jutting out into Sydney Harbor, just east of the iconic opera house and the Sydney Harbour Bridge.
The road is also home to Craig-y-Mor, a non-waterfront property which sold for $32.4 million in 2008 and is also currently Australia’s most expensive residential property. In 2001, Australian property writer Cindy Martin calculated the total value of properties along Wolseley Road’s 1km stretch of waterfront exposure totaled $720 million AU (or approximately $591 million US).
Cost: $35,000 per sq/m
In this year’s survey, Wealth Bulletin found that Moscow’s Ostozhenka Street had lost some ground, falling to ninth place from sixth just one year earlier. Local real estate agents said that top properties have lost value of around $5,000 per sq/m from the prior year’s survey.
Ostozhenka is one of Moscow’s oldest streets, with roots back to the 16th century and expert-designed buildings lining the avenue, including 1800’s empire-style estates, a classical palace built in 1771, and the Galina Vishnevskaya Opera House, built in the late 1990s. And to buy in on this street, the going rate is approximately $35,000 per square meter for top properties.
Cost: $40,000 per sq/m
In Hong Kong, space is certainly at a premium and it is known for its high urban density – the city boasts highest number of skyscrapers of any major metropolis with 7,650. And to live in Hong Kong will cost you a pretty penny.
Wealth Bulletin found that the Hong Kong residential property market is extremely volatile, with the city’s most expensive street, Severn Road, dropping from number two on last year’s list (priced at $121,000 per sq/m), to $40,000 per sq/m this year. Even with this drop, it is still the eighth most expensive street in the world.
Cost: $42,000 per sq/m
Italy’s most expensive street, Via Romazzino boasts high prices as a result of its location in the resort town of Porto Cervo, with property values around $42,000 per sq/m.
The area, on the northern portion of the island of Sardinia is home to many of Italy’s wealthiest individuals and also has several Russian billionaires with property. Porto Cervo is also the starting location for the Perini Navi cup, a two day race that features a fleet of superyachts; another draw for the ultra-wealthy, adding to the prestige of the area.
Cost: $45,000 per sq/m
Another highly expensive street on the list finds itself in an exclusive resort town, this time in the ski center of St. Moritz, Switzerland. Via Suvretta saw prices rise by 18% since last year’s survey, where buyers can expect to pay approximately $45,000 per sq/m for a high-end property.
The Wealth Bulletin found that “Local agents reckon the rising prices are due to buoyant demand from the super wealthy looking to relocate to Switzerland, especially from countries, like the UK, where governments are increasing tax rates for the wealthy,” and suggests that the strength of the Swiss franc in relation to the US dollar has also contributed to this rise.
Cost: $54,000 per sq/m
Located in the 8th arrondiesement of Paris in the Champs Elysees quarter, Avenue Montaigne boasts both high-class shopping and living, with Dior, Chanel and Ralph Lauren on the street, as well as Élysée Palace, the official residence of Nicolas Sarkozy.
This year’s survey found that values remained stable on this pricey avenue, which maintains its fifth place spot from last year.
Cost: $65,000 per sq/m
The cost for a square meter of space in London’s Kensington Palace Gardens would put you back by about as much as the cost of a luxury sedan.
The street, located in west central London, has been nicknamed “Billionaires’ Row” by local residents as it is home to numerous extremely wealthy individuals, such as Forbes’ 8th richest person in 2009, billionaire Lakshmi Mittal. The street also is home to several foreign embassies and ambassadorial residences.
Cost: $72,000 per sq/m
When speaking of expensive streets, perhaps the first one that comes to mind is New York’s Fifth Avenue. In fact, Wealth Bulletin has found that this street is only the third most expensive in the world, with a cost of a staggering $72,000 per square meter.
Cost: $100,000 per sq/m
Chemin de Saint-Hospice , the second most expensive street in the world, is located in Cap Ferrat in the South of France just outside of Nice. Top properties on this street sell for a mind-boggling $100,000 per sq/m.
The street only has 15 houses lining the sidewalks, which features beautiful views from an exclusive peninsula jutting out into the Mediterranean. Wealth Bulletin reports that there is one property for sale on Chemin de Saint Hospice, but it is being sold privately and its price is a closely guarded secret.
Cost: $120,000 per sq/m
Monaco, a densely populated city-state that is approximately the size of the mall in Washington DC, is a place where space is at a premium. The location where this is most apparent is on the world’s most expensive street, Avenue Princesse Grace, which lines Monaco’s iconic waterfront. On this street, you could expect to pay at least $120,000 per sq/m, which is down from $190,000 a year ago.
Wealth Bulletin reports that "A 334 sq/m four-bedroom penthouse on Avenue Princesse Grace is on the market at $50m – around $149,000 per sq/m – not including a 220 sq/m terrace."