5 Most Expensive Property Spots Around the Globe

Calling all property investors! We took a look at the most expensive spots around the globe.

Pollocks Path, Hong Kong

Average price: £96,333.3 per square metre (1)

(Converted from $120,000 on the 24/11/16 via Google Finance: 1 US Dollar = 0.8 GBP)

Situated at the top of Victoria Peak in Hong Kong, Pollock’s Path has been labelled the most expensive street in the world. (2) In contrast to New York’s Upper Fifth Avenue, Peak Road mainly contains private residential properties. The road itself is actually quite narrow, and only 3.7km long. Despite often being busy with commuters, Peak Road is infused with lush greenery, creating a picturesque scene that some may find priceless. Indeed, “The opulent residences are set high above the road or screened from view by thick vegetation producing secluded havens.” (2)

Kensington Palace Gardens, London

Average price: £85,897.2 per square metre (3)

(Converted from $107,000 on the 24/11/16 via Google Finance: 1 US Dollar = 0.8 GBP)

Nicknamed “billionaires row” for good reason, Kensington Palace Gardens boasts an average price of £82,705 per square metre. This peaceful, picturesque street is not only home to the Duke and Duchess of Cambridge, but also the French, Russian and Japanese embassy. According to the Guardian, “The overwhelming impression is one of tasteful reserve, of glistening cream paint and shining green and black railings – until you pause to examine the enormous heft of the houses: vast, detached palaces, with too many windows to count, on a scale dwarfing other private homes in London.” (4)

Avenue Princess Grace, Monaco

Average price: £69,039.4 per square metre (5)

(Converted from $86,000 on the 24/11/16 via Google Finance: 1 US Dollar = 0.8 GBP)

Framed by palm trees, yachts and deep blue waters, this comes as no surprise. Close to the harbour-front of Monte Carlo, the area has developed a reputation for hosting the elite. As it annually hosts the F1 Grand Prix, Monaco has been a magnet for the elite. The Avenue Princess Grace runs along the waterfront and is the most exclusive street in Monaco, according to Business Insider, UK.

Upper Fifth Avenue, New York

Average price: £69,700 per square metre (6)

(Source provided in GBP)

Glowing with aristocracy, this area is home to the highflying elite, glamourous shoppers and lovers of luxury. The expense parallels Kensington Palace Gardens, and has adopted a similar name of Millionaire row in Manhattan. In fact, over recent years, retail transactions in the area totalled millions of dollars, and this shows no sign of slowing down. Experts note, “International luxury brands will continue to dominate the high street, providing a boost to the key destination cities with high exposure from tourism and strong foot traffic.” (7)

Boulevard du Général de Gaulle, Cap Ferrat, France

Average price: £63,419.9 per square meter (8)

(Converted from $79,000 on the 24/11/16 via Google Finance: 1 US Dollar = 0.8 GBP)

The sought-after Cap Ferrat is situated along the Mediterranean Côte d’Azur. According to Business Insider, the peninsula is the “world’s most expensive non-urban location.” This street in particular holds significant prestige for its beachfront villas. “The charm of this forested peninsula between Nice and Monaco has always attracted the rich and famous, who were drawn by the light, the peace, the views of sea and craggy Provençal coastline, and the cobalt waters all around.” (9)

Written by Jenna Kamal

Disclaimer and Legals

Property Moose does not provide any advice in relation to investments and you must rely on your own due diligence before investing. Please remember that property prices can go down as well as up and that all figures, rates and yields are projections only and should not be relied on. If in doubt, please seek the advice of a financial adviser. Your capital is at risk if you invest. This post has been approved as a financial promotion by Resolution Compliance Limited.

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Sources

1. http://www.businessinsider.com/10-most-expensive-streets-in-the-world-2013-11?op=1/&IR=T#1-pollocks-path-the-peak-hong-kong-10
2. http://www.theepochtimes.com/n3/1718582-hong-kong-peak-road-more-expensive-than-5th-avenue-manhattan/
3. http://www.businessinsider.com/10-most-expensive-streets-in-the-world-2013-11?op=1/&IR=T#2-kensington-palace-gardens-london-9
4. https://www.theguardian.com/money/2014/apr/07/londons-most-expensive-street-kensington-palace-gardens
5. http://www.businessinsider.com/10-most-expensive-streets-in-the-world-2013-11?op=1/&IR=T#3-avenue-princess-grace-monaco-8
6. https://www.msn.com/en-gb/money/homeandproperty/the-10-most-expensive-streets-in-the-world/ar-AAcFbbo#page=9
7. http://www.cushmanwakefield.com/en/news/2015/11/ny-upper-fifth-avenue-worlds-most-expensive-retail-street/
8. http://www.businessinsider.com/10-most-expensive-streets-in-the-world-2013-11?op=1/&IR=T#4-boulevard-du-gnral-de-gaulle-cap-ferrat-france-7
9. http://www.telegraph.co.uk/travel/destinations/europe/france/riviera/7255647/Cap-Ferrat-France-The-perfect-break.html