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By Sarah Kendell | March 15, 2011 2:58 AM HKT
The economic crisis in Europe may still be a ways from over, but at the top of the market, price growth is picking up. This year's Financial News list of the world's top 10 most expensive streets, compiled from a survey of luxury property agents around the globe, still sees Hong Kong's Severn Road taking up the top spot, but exclusive locales in London, Monaco and the French Riviera are hot on its heels.
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Prices on the top-rating Severn Road, overlooking Hong Kong's central business district, go up to €57,000 per square metre, according to the Financial News. With an extremely small market of 60 properties, however, prices have been volatile since the financial crisis - they initially plummeted 40%, and have risen 60% over the past two years since the crash.
Comparatively, London's Kensington Palace Gardens, aka 'Billionaire's Row', has experienced a steady rate of growth as prime real estate in the UK capital has continued to go in the opposite direction to the rest of the country's property market. A home in this street will now set you back €55,000 per square metre, making it the second priciest address in the world.
Monaco's Avenue Princesse Grace, which slipped from number one to number four on the list when the recession hit, has experienced a resurge as the fortunes of the super-rich began to look better in 2010, and is now at number three. Over in the neighbouring French Riviera, the Chemin de Saint-Hospice, in the Cap Ferrat area where Brad Pitt and Angelina Jolie have recently made a permanent move, is in fourth position tied with New York's Fifth Avenue, which has slipped two spots as the US veers further towards a double-dip recession in its property market.
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