Some top properties on the world’s most expensive streets may be put up for sale only once in a generation. This is because the owners of these homes are unlikely to need the money from the sales, neither would they want to lose to the prestige of living in such prized real estate. Eighteen months after Billionaire.com compiled its first Top 10 Most Exclusive Streets list in 2014, many of the streets featured there have not registered a single housing transaction,and the reason is obvious. This year’s Top Ten Most Exclusive Streets was compiled with the help of international agency Savills. New streets have entered the list, and the prices were calculated on a basis of average price per square meter. Here they are:
10. Ardmore Park – Singapore
Average Price: US$24,000 Per Square Meter
Ardmore Park is referred to as Singapore’s new Paterson Road. The quiet street is located near the prime shopping belt of the city, within lush greenery. Most other properties on this road are priced lower but Ardmore Park remains the most sought-after. In April, one of the founders of Alibaba Group reportedly bought a S$51 million penthouse on Ardmore Park, an exclusive enclave close to Orchard Road. The duplex apartment in the Le Nouvel development, set a price record for Singapore, at S$40,000 per square foot.
9. Molochnyy Pereulok – Moscow
Average Price: US$30,500 Per Square Meter
Ostozhenka, located within the prestigious district of Molochnyy Pereulok (Lane) is this year’s ninth most expensive street. The price difference depends on whether the buildings are new or old, although most of the houses in Molochnyy Lane are newly built and are really expensive. Recently a 238 square meter apartment at number two Molochnyy Lane sold for US$9.5 million. This area is known as Moscow’s Golden Mile and is situated in the capital’s historical and cultural centre, close to the main showplace of the city.
8. Avenue des Palmiers, Les Parcs de Saint-Tropez – France
Average Price: US$39,000 Per Square Meter
The most prestigious private domain in the iconic French town is Avenue des Palmier in Les Parcs de Saint-Tropez. Les Parcs is a gated estate located on a peninsula in the Bay of Saint-Tropez, and available property is almost impossible to come by. Home properties with a view of the sea on this street can hit up to €70,000 per square meter. A recently sold property on Avenue des Palmiers was sold for €42 million. It has 800 square metres of living space between two buildings, across grounds of 10,000 square metres. It also has panoramic sea views and top specification. It is one of the best locations in the private domain.
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7. Quai d’Orléans, Paris – France
Average Price: US$41,000 Per Square Meter
Quai d’Orléans was once the home of Brigitte Bardot and Roger Vadim, and today it is the most expensive street in Paris. A Quai d’Orléans address always commands an exceptional price, as the road has one of the most beautiful views in Paris. The buildings have historic stone facades and views overlooking the cathedral of Notre Dame. There are only around 20 buildings on this street, dating from the 17th to the 19th century. In March 2015, a three-bedroom apartment on the fifth floor with beautiful views went for €36,000 per square meter.
6. Wolseley Road, Point Piper – Australia
Average Price: US$44,000 Per Square Meter
Wolseley Road is the undisputed champion of Sydney’s Point Piper peninsula, where mansions sell for as much as US$44,000 a square meter. Several of Sydney’s largest sales last year were on Wolseley Road, including number 130, which reportedly sold for A$30 million and number 113, for A$38 million. Villa del Mare at 63-67 Wolseley Road, the former home of recruitment tycoon Julia Ross, was sold last October for A$37 millio. Over the years, Wolseley Road has retained its status as the most expensive street in Australia.
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5. Chemin du Sémaphore, Cap Ferrat – France
Average Price: US$67,000 Per Square Meter
The exclusive peninsula of Saint-Jean-Cap-Ferrat was once the playground of Belgian royalty. Now this area is known for its exquisite and enormous villas owned by billionaires and tycoons, including the co-founder of Microsoft Paul Allen and late Russian oligarch Boris Berezovsky. Last August, a 650 square meter house here sold for €37 million. More of its buyers are from the Middle Eastern, northern European and UK.
4. Avenue Princesse Grace – Monaco
Average Price: US$100,000 Per Square Meter
Avenue Princesse Grace runs from France, along the strikingly blue Côte d’Azur, down to the administrative area of Monte Carlo (one of the 10 wards of Monaco). The Avenue has also topped the list of most expensive property in the world for the last three years; a square metre of property on the Avenue costs $100,000, five times more than the same space in Miami. Monaco residential sales exceeded their 2007 peak for the first time in 2014, with a combined value of €2.4 billion, thanks to properties in Avenue Princesse Grace and those in other areas in the state.
3. Knightsbridge – London
Average Price: US$103,000 Per Square Meter
Knightsbridge is the name of a London A Road, a tube station, as well as the city’s most prestigious neighborhood. The road is what is being referred to as the third most expensive street in the world. The street has the One Hyde Park development at 100 Knightsbridge, a Rolex store and the Bulgari Hotel. In Knightsbridge, a 1,500 square meter penthouse sold for £140 million in April 2014. Several other apartments have sold in the development for £60 million and above.
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2. Upper Fifth Avenue – New York
Average Price: US$108,000 Per Square Meter
In the late 19th century, Upper Fifth Avenue was the street associated with New York’s aristocratic families and social elite, it has maintained its reputation up till date. The avenue has some of the most important and luxurious buildings in the Big Apple, with unparalleled views over Central Park. Three resale transactions of more than US$70 million were made by Fifth Avenue Cooperatives in the last nine months. Fifth Avenue is also Manhattan’s luxury retail corridor; it is home to big names such as Tiffany & Co, Versace, Armani and Gucci.
1. Peak Road, The Peak – Hong Kong
Average Price: US$114,000 Per Square Meter
Peak Road, located at the very top of Victoria Peak in Hong Kong, is the world’s most expensive street. The road claims top spot after the sale of 75 Peak Road in February for HK$5.1 billion, the largest deal in the history of Hong Kong’s residential market. Pollock’s Path on The Peak previously held the title of the world’s most expensive street, but due to no recent sales was overthrown by Peak road. Peak Road for a long while been the most prestigious and exclusive location on the Peak, but with its lack of large-scale developments and thin transaction volumes the street has kept a relatively lower profile than its counterparts, Severn Road, Pollock’s Path and Barker Road, until this year. The recently sold property has 11,000 square metres of living space – a real big deal in Hong Kong.