Having an exclusive postal code is certainly desirable but being on the right street in the right city adds weight to the tried and tested mantra in property investment: location, location, location. From Hong Kong to Miami and the French Rivera, we take a look at the top five most expensive residential streets in the world.
1) Peak Road, The Peak, Hong Kong
Nestled amidst the greenery of Hong Kong’s Victoria Peak, Peak Road tops our list as the most expensive residential street in the world. Located at the summit of Hong Kong Island, properties along this prestigious address not only offer panoramic views of Victoria Harbour and the Hong Kong city skyline, but also provide a respite away from the hustle and bustle of the city. Just 15-minutes away from Central, properties on Peak Road average at $10,591 per sq. ft. Records were set for the Hong Kong property market when the 124,000 sq. ft. 75 Peak Road sold for HKD 5.1 billion ($657.7 million) last year.
2) Kensington Palace Gardens, London
London’s ‘Billionaire Row’ is a private, mansion-lined street that is home to the ultra-wealthy and various foreign embassies. Located next to Kensington Palace, average property values; though available properties are rare, cost GBP 42.6 million ($55.19 million). The most expensive property was a 16,500-sq. ft. mansion that sold for GBP 80 million ($124.23 million) to tycoon Wang Jianlin.
3) Avenue Princesse GrÂce, Monaco
Situated in the glitzy city of Monaco, the Avenue Princesse Grâce, named after Hollywood legend Grace Kelly, is the most exclusive and expensive street in this tiny principality. Home to lavish seafront residences selling for $7,990 per square foot, the palm-tree-lined avenue has a slew of notable residents such as Andrea Bocelli, Lewis Hamilton, Roger Moore, and Helena Christensen. However, due to finite space, apartments and properties on the street are currently only available for rent.
4) Indian Creek Island Road, Biscayne Bay, Miami
Located in the exclusive island village of Indian Creek, Miami’s ‘Billionaire Bunker’ is the most expensive residential street in America, where massive waterfront estates average at a hefty $21.48 million. The 294-acre island consists of just 35 estates bordering a private 18-hole golf course, and is heavily protected by its own security force which guards all amenities. The most expensive property was sold for $47 million to a Russian buyer and boasts 13-bedrooms, a 3D theater, and a 7-limo garage!
5) Boulevard du General de Gaulle, Saint Jean Cap Ferrat
Boasting spectacular views of the Mediterranean Côte d’Azur, Boulevard du Général de Gaulle is one of the priciest streets along the French Riviera, with luxurious beachfront villas costing $79,000 per sq. m. (USD 7,339.35 per sq. ft). Located in the prestigious Cap Ferrat (above), the boulevard is also home to iconic hotels such as the Grand-Hôtel du Cap-Ferrat.
This article was first published in Palace Magazine. Palace Magazine is published by Lux-Inc.