As property markets around the world continue to struggle many homeowners are feeling the pinch in what is fast becoming one of the worst property downturns is in living history. We are seeing more and more people evicted from their homes, homeless numbers in the US especially continue to rise and we are seeing more and more “tent cities” erected across the US. But is the property downturn actually hitting the rich and famous or are they somehow immune from the troubles?
A glance at the 10 most expensive streets in the world shows that many of the rich and famous hideaways are somehow immune and have seen nothing like the same impact as that shown in the wider market.
The 10 most expensive streets in the world
While the position of the top 10 most expensive streets in the world may change depending on the currency rate at the time the current list includes:-
Avenue Princess Grace, Monaco
This is by far and away the most expensive street in the world with property currently changing hands at $190,000 per square metre. Named after the Hollywood star Grace Kelly who married into the Monaco royal family only the rich and famous are able to even look at never mind buy a property in the street!
Severn Road, Hong Kong
While prices in the Severn Road in Hong Kong can be volatile they are currently changing hands for around $121,000 per square metre. The street is located in the most exclusive area of the city and is in easy reaching distance of perhaps the most densely populated business area of the world as well as close to China which has recently become one of the economic powerhouses of the world. The Street itself is named after a former British colonial administrator and perfectly reflects the former strong links with the British Isles.
Fifth Avenue, New York
While not the most expensive street in the world there is no doubt that fifth Avenue, New York is one of the most iconic streets in the world and properties in the region are very much sought after by many of the leading business figures in the world. While the so-called “Fifth Avenue” is a massive area of New York the likes of the Plaza Hotel and 834 Fifth Avenue are perhaps the most recognisable of addresses to those around the world. Properties are going for over $80,000 per square metre!
Kensington Palace Gardens, London
Kensington Palace itself has obvious Royal connections and in particular the late Princess Diana and Prince Charles. However, Kensington Palace Gardens which runs parallel to Kensington Palace is one of the most sought-after addresses in London. Currently properties are going for around $77,000 per square metre with many of the old Victorian mansions on Kensington Palace Gardens Street costing in the region of $200 million. There are many other streets in London which attract the attention of both national and international property investors but few can match Kensington Palace Gardens for its strong connections and exclusivity.
Avenue Montaigne, Paris
The Avenue Montaigne together with the Champs Elysee and Avenue George V makes up what many call the Golden Triangle within Paris. Avenue Montaigne (where property costs upwards of $54,000 per square metre) has actually overtaken the likes of the Avenue George V as the most expensive street in the capital and despite falling house prices across Europe there is still much demand for apartments in the area. There can be few countries in the world which offer the view and stature afforded to those living on Avenue Montaigne.
Ostozhenka, Moscow
In line with the new found wealth of Moscow we have seen the emergence of Moscow’s first real entry into the top 10 most expensive streets of the world. Ostozhenka, Moscow is the most popular street in Russia and has attracted substantial interest from those with enormous wealth. Also known as the “Golden Mile” (no connection to Blackpool!) the cost of property has increased by upwards of 50% over the last 12 months and it is currently costing $40,000 a square metre.
Via Suvretta, St Moritz
Known as the playboy capital of the world St Moritz is surprisingly low down the list of expensive streets in the world although it has an entry with Via Suvretta, St Moritz. While properties are going for around $38,000 per square metre there is much interest from prominent figures around the world with prime ministers, business people and prominent billionaires evident in the region. Switzerland offers something of an exclusive backdrop for those looking at a quiet scenic break and there are more exclusive regions in the country.
Carolwood Drive, Los Angeles
While the name Carolwood Drive may well be relatively unknown around the world it may become clear why it is in the list when you consider it is in the Beverly Hills district of Los Angeles. While property in a region costs around $30,000 a square metre the cheapest house in the area is probably is going to upwards of $100 million. Even though this is not the most expensive street in the world it probably has the greatest number of $100 million plus houses in both America and many parts of the world.
Wolseley Road, Sydney
Many people may not be aware but there is a growing wealth in Australia which has access to many of the more vital trading points around the world. As a consequence Wolseley Road, Sydney has slipped into the top 10 of the most expensive streets around the world with property going for $28,000 per square metre. As we have covered on this site on a number of occasions, the higher end of the Australian property market has struggled although areas such as Wolseley Road, Sydney appear to be holding their own.
Altamount Road, Mumbai
This is probably one of the first Indian properties to hit the top 10 list of most exclusive streets in the world with property costing around $25,000 per square metre. However, as the Indian economy continues to grow we are sure to see more streets join Altamount Road, Mumbai in the list of most exclusive streets in the world. While Mumbai is not the capital of India, it is by far and away the most relevant city in India’s financial and business environment, something which has attracted a large number of very rich individuals.
Altamount Road, Mumbai is situated close to the financial and business heartland of Mumbai and was given a serious boost only last year when a $1 billion residential apartment block project was announced.
Conclusion
It would seem that while many of the traditional property markets of the world continue to suffer, some of the more exclusive addresses on the globe have held their own in the current property downturn and appear to be fairly insulated from the worst effects of the slowdown. Whether this trend will continue indefinitely remains to be seen as we are seeing more and more of the ultra rich and famous come to terms with severe downturns in their personal wealth as stock markets and property markets around the world continue to fall.