Avenue Princesse Grace in Monaco is the most expensive street in the world to buy a house: €84,985 is the cost of just one square metre of prime real estate, according to a survey by Wealth Bulletin.
None of the top 10 streets have escaped the recent drop in house prices. Values have fallen 12% in the past year, while prices in London and New York have fallen between 20% and 30%.
Via Suvretta in the Swiss ski resort of St Moritz was the only street on the list that saw prices rise for top properties in the last year.
1. Avenue Princesse Grace, Monaco, $120,000 per sq/m
Knight Frank‘s Monaco-based agent Pieter van Naeltwijck said transactions had fallen 25% since last year. But he said super-rich Russians were beginning to come back into the market, fuelling renewed demand.
2. Chemin de Saint-Hospice, Cap Ferrat, South of France, $100,000 per sq/m
Less than 30 miles down the road from Avenue Princesse Grace, Chemin de Saint-Hospice has 15 houses which each command stunning sea views.
3. Fifth Avenue, New York, $72,000 per sq/m
4. Kensington Palace Gardens, London, $65,000 per sq/m
Kensington Palace Gardens in London, the private road that abuts Kensington Palace and houses several embassies.
5. Avenue Montaigne, Paris, $54,000 per sq/m
Avenue Montaigne in the 8th arrondisement – which includes the Élysée Palace, official residence of President Nicolas Sarkozy, maintains its fifth place on Wealth Bulletin’s list, proving the eternal allure of Paris among the world’s wealthiest.
6. Via Suvretta, St Moritz, Switzerland, $45,000 per sq/m
The strong Swiss franc is also inflating dollar prices for property in Switzerland.
7. Via Romazzino, Porto Cervo, Sardinia, $42,000 per sq/m
Via Romazzino in the Costa Smeralda, the resort built by the Aga Khan in the 60s, makes this year’s list for the first time.
8. Severn Road, The Peak, Hong Kong, $40,000 per sq/m
9. Ostozhenka Street, Moscow, $35,000 per sq/m
Many of Russia’s wealthiest people have apartments on Ostozhenka, which makes up part of the city’s so-called Golden Mile.
10. Wolseley Road, Point Piper, Australia, $28,000 per sq/m
