Top Ten most expensive streets in the world revealed

Wednesday, 22 July 2009 4:25 PM

Only one, yes one, street in the whole of the UK is listed among the top ten most expensive roads to live in the world, according to website The Wealth Bulletin.

And even then it comes in a lowly fourth, strange news indeed given the rampant property market in the UK in the last few years. We know there's been a bit of a downturn but nonetheless Aboutproperty.co.uk was surprised at the lack of prime UK real estate in the global rich list.

Unsurprisingly the road in question is in London's West End, Kensington Palace Gardens to be precise: the private road that adjoins Kensington Palace and houses several embassies, including the Russian delegation. But prices on the road have still fallen by some 15 to 20 per cent apparently.

Of course, this hasn't stopped up-market estate agents Savills selling two properties there this year but then given the exclusive nature of the address that's probably not much of a surprise.

So this also then begs the question where are the other uber expensive residences in the world?

So here listed for your general interest, or just to make the little green eyed monster in you cry out, they are:

The most expensive street in the world is Avenue Princesse Grace, in Monaco, of course, where $120,000 (?84,985) will bag you just one square metre of prime real estate, according to the survey by The Wealth Bulletin.

However, while Avenue Princesse Grace may have retained top spot on the list prices have still plummeted in relative terms falling from a high of $190,000 per sq/m a year ago a fall in prices of $70,000.

In second place on the Wealth Bulletin's list of expensive places to live was Chemin de Saint-Hospice, Cap Ferrat in the south of France, at $100,000 per sq/m.

Less than 30 miles down the road from Avenue Princesse Grace, Chemin de Saint-Hospice is the second most expensive street in the world, where the top properties sell for $100,000 per sq/m.
Chemin de Saint-Hospice snakes through Cap Ferrat with its 15 houses commanding beautiful Mediterranean views.

In third place is Fifth Avenue, New York, at $72,000 per sq/m. A 400 sq/m apartment with terraces overlooking Central Park on the Upper East Side of Fifth Avenue will set you back $29m. But local estate agents say the market has been affected by the lack of supply, with residents reluctant to sell because of perceived price discounts.

In fifth place is Avenue Montaigne in Paris, at $54,000 per sq/m. Avenue Montaigne is in the 8th arrondisement which includes the Élysée Palace, official residence of President Nicolas Sarkozy.

Estate agents say there have been little changes in the prices paid for top properties on the street in the last year, quelle surpise!!

Via Suvretta, in the exclusive ski resort of St Mortiz, Switzerland, comes in at $45,000 per sq/m putting it in sixth place. Local agents say 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, says The Wealth Bulletin.

In seventh place is Via Romazzino, in Porto Cervo, Sardinia, at $42,000 per sq/m. This is a new entry to the top ten and Italy's most expensive street. Situated in the exclusive resort of Porto Cervo many of Italy's wealthiest individuals have holiday homes on the Via Romazzino. It is also apparently popular with Russian billionaires. Alisher Usmanov, the Russian oligarch and owner of Arsenal football club, likes the street so much that he's allegedly bought eight houses located on it, or near to it.

Severn Road, The Peak in Hong Kong at $40,000 per sq/m is eighth on the list. The Hong Kong residential property market is one of the most volatile in the world - just how volatile was illustrated by the big falls in top-end property prices in the past year. Number two on last year's list, with prices of $121,000 per sq/m, Severn Road has plummeted to $40,000 per sq/m.
Local estate agents say the global recession has hit Hong Kong property hard and demand for top properties has fallen sharply since October last year.

In ninth spot is Ostozhenka Street, Moscow, at $35,000 per sq/m. This is another street that has seen a drop in prices having been sixth in last year's top ten. Local estate agents say top properties on the street will achieve at least $35,000 per sq/m, but that's down by around $5,000 from last year.

And finally at number ten is Wolseley Road, Point Piper, Australia, at $28,000 per sq/m.
Properties on Wolseley Road have maintained their value, due to the robustness of the Australian economy and the strength of the local currency, says The Wealth Bulletin. Local agents believe prices for the best properties remain high, but say the market has been affected by the lack of supply.

Apart from last year's sale of Craig-y-Mor, a non-waterfront house, for $32.4m, making it Australia's most expensive residential property at the time, there have few sales on the street.

And if the green eyed monster has now totally eaten your insides, well, don't say we didn't warn you.

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• house prices
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• uk property news