Monday, November 16, 2009

The Most Expensive Real Estate In The World

Overseas Property Mall listed the top 10 most expensive streets in the world, that cost at least $28,000 for each square meter. Despite the astronomical prices, the most expensive real estate actually outperformed most markets, declining only 12% last year. See the following from Overseas Property Mall.

If you’ve recently found a little cash down the back of the sofa and you’re in a property-buying mood, you may like to take a look at the following streets around the world. Although prices on these most expensive streets fell in overall value by 12% last year, that’s still better than the 20% to 30% experienced in the mainstream market. Europe was less hard hit than the US.

1. Avenue Princesse Grace, Monaco, $120,000 per sq/m

The most expensive street in the world, where prices last year were actually $190,000 per sq/m. There could be a few who made the plunge last year with a little buyer’s remorse right now. A 334 sq/m four-bedroom penthouse here will set you back US$50.

2. Chemin de Saint-Hospice, Cap Ferrat, South of France, $100,000 per sq/m

Ah, that’s more like it, much more affordable. Less than thirty miles away Avenue Princesse Grace, with just fifteen houses with Mediterranean views. Just one for sale at the moment at an undisclosed price. But as they say: if you need to ask the price, you can’t afford it.

3. Fifth Avenue, New York, $72,000 per sq/m

A 400 sq/m apartment with terraces overlooking Central Park sold for $29m in June. Many residents are staying put until prices come back up. I don’t blame them. $29 million? Chickenfeed.

4. Kensington Palace Gardens, London, $65,000 per sq/m

Prices on KPG, as those in the know call it, have fallen 15% to 20% recently. A private road that abuts Kensington Palace, with several embassies in residence. You’d need to own a country to buy there.

5. Avenue Montaigne, Paris, $54,000 per sq/m

We’re almost slumming it at these prices. This street includes the Élysée Palace, official residence of someone called the President of France. The strong euro and views of the President’s wife have kept prices higher here than some other places.

6. Via Suvretta, St Moritz, Switzerland, $45,000 per sq/m

Prices rose this year by 18%. Yes, rose. That’s rich people trying to take advantage of Switzerland’s low taxes as other countries put theirs up. Geneva and Zurich are also experiencing a boom.

7. Via Romazzino, Porto Cervo, Sardinia, $42,000 per sq/m

Italy’s most expensive street, popular with Russian billionaires, one of whom has apparently bought eight houses there. Everyone needs at least eight houses.

8. Severn Road, The Peak, Hong Kong, $40,000 per sq/m

Down from the number two spot last year, when prices were $121,000 per sq/m. I don’t care how rich you are, that’s going to hurt.

9. Ostozhenka Street, Moscow, $35,000 per sq/m

Russia’s wealthiest have apartments on Ostozhenka, which makes up part of the city’s “Golden Mile”. Free furry hat with each purchase.

10. Wolseley Road, Point Piper, Australia, $28,000 per sq/m

Prices have strayed constant due to the comparatively strong Australian economy and currency.

This post has been republished from Overseas Property Mall.
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