Wednesday, July 22, 2009

REAL ESTATE...foreal?

Although prices on prime residential property are down all around the world,it's still not easy to buy on the world's most expensive streets. Avenue Princesse Grace is the once again the most expensive street in the world to buy property, where $120,000 gets you just one square meter (around 11 square feet) of prime real estate. This is down from $190,000 for one square meter last year.

The latest survey by Wealth Bulletin found that overall the prices of residential property on the top 10 most expensive streets in the world were down by 12 percent. Prices on European streets were steadiest. Of the top ten, the only street on the list that saw property prices go up was Via Suvretta in St. Moritz. The Swiss street was in sixth place with a price of $45,000 per square meter which represents an 18 percent rise since 2008.

The second most expensive street was Chemin de Saint-Hospice on Cap Ferrat with a price of $100,000 per sq/m. New York's Fifth Avenue comes in at third with a price of $72,000 per sq/m followed by Kensington Palace Gardens in London at $65,000 per sq/m. The Parisian street that includes the Harry Winston shop which was robbed last year, Avenue Montaigne is next at $54,000 per sq/m. Via Romazzino, Porto Cervo, Sardinia makes the list for the first time with $42,000 per sq/m. Severn Road, The Peak, Hong Kong is on the list at $40,000 per sq/m which represents a huge dip from last year's $121,000 per sq/m, which had this street in the second slot last year. Moscow is on the list with Ostozhenka Street at $35,000 per sq/m and rounding out the top ten is Wolseley Road, Point Piper, Australia with a price of $28,000 per sq/m.

The list is similar to last year's list. Only Via Romazzino in Sardinia and Chemin de Saint-Hospice on Cap Ferrat are new. Bumped off the list from last year were Carolwood Drive in Beverly Hills and Altamount Road in Mumbai.

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