The most expensive residential address in a global comparison is on the Saint-Jean-Cap-Ferrat peninsula on the Côte d’Azur. It is followed in the ranking by prestigious residential locations in Hong Kong, East Hampton, London and New York. These are the results of the ranking of the world’s most exclusive residential addresses just published by Engel & Völkers. The company has recorded the most expensive property transactions worldwide based on its own brokerage deals and on market analyses carried out over recent months.
A villa on the Avenue Claude Vignon on the Saint-Jean-Cap-Ferrat peninsula was sold for approximately 120 million euros, with an interior spanning some 600 square metres. This translates into a top price per square metre of 200,000 euros and therefore the highest priced sale of a residential property registered by Engel & Völkers.
The Chinese special administrative zone of Hong Kong occupies second place. In the new “Twelve Peaks” building development on Mount Kellett Road in The Peak area of Hong Kong Island, penthouses sold for around 83.2 million euros, which converts into approximately 190,000 euros per square metre of living space.
East Hampton, situated at the eastern end of Long Island in the US state of New York, comes in third place. An estate situated on a generously sized parcel of land with its own private lake on Further Lane sold for around 147 million US dollars (approx. 118 million euros). This is equivalent of around 168,600 euros per square metre of living space.
“Top prices on the global residential property markets are most apparent where the availability of homes is exceptionally scarce due to unique locations with extremely restricted land space, where demand is nevertheless very high”, said Christian Völkers, CEO of Engel & Völkers AG. “With high-end properties, the critical factor is always the micro-location, which might even be the right side of a road or the unforgettable views. Properties in these locations very rarely change hands,” he continued.
Spectacular new building projects are enhancing top locations still further, leading to record prices. Even in Germany, where in global terms the most expensive addresses rank lower down on the list, new developments in Munich, Hamburg and Berlin are still reaching price highs.
The British capital London ranks in fourth place. For a two-storey penthouse in the residential complex known as “One Hyde Park” on Knightsbridge, one square metre costs in excess of 150,000 euros.
The property market in the metropolitan area of New York is one of the most expensive in the world, and is characterised by a high level of international demand. Apartments around Central Park in Manhattan have traditionally been considered as some of the most desirable in the world. On the corner of 59th Street and 5th Avenue a penthouse with breathtaking views over the city was sold for approx. 120,600 euros per square metre. This value puts New York in fifth place.
In sixth place is Avenue d’Ostende, which overlooks the marina in Monaco as well as affording unobstructed views of the Prince’s Palace. Particularly high-end residential property here sells for around 100,000 euros per square metre.
Sardinia, where there have hardly been any transactions in recent months in the highest priced locations such as Romazzino Bay due to the sheer lack of properties on the market, comes in seventh place in the ranking list. In several very isolated cases, prices of as much as 95,000 euros per square metre were recorded in Romazzino Bay.
On the world-famous Boulevard de la Croisette in Cannes (eighth place), up to 70,000 euros were paid for premium properties where everything from the location to the interior meets the desirable standards.
Another very sought after region is the southern Atlantic coastline in the US state of Connecticut. In Greenwich, Indian Field Road is currently setting the benchmark in terms of price highs. In March of this year, the “Copper Beech Farm” sold for around 120 million US dollars (equivalent to approx. 96.1 million euros). This works out at a value per square metre of around 69,000 euros, bringing Greenwich on the ninth place.
Palm Beach is a popular and well-known luxury holiday destination in the US state of Florida. Residences situated directly on South Ocean Boulevard are realizing top prices of around 52,400 euros per square metre. This ensures place number ten for Palm Beach.
Prices per square metre in the upmarket Swiss ski resort of Gstaad and the Swiss city and congress venue of Geneva reached as much as 50,000 euros, securing eleventh place in the ranking list.
It is followed in 12th place by Moscow with its prime residential district of Kropotkinskaya. This area boasts a central location, not far from the Kremlin on the Moskva River. The highest price per square metre was achieved by a property in the residential road known as Butikovskiy per., at around 44,500 euros.
The island and city state of Singapore ranks in 13thplace on the list. On Paterson Hill, one of the prime residential addresses above the city, a new high-rise building recorded top prices of 44,000 euros per square metre.
Tokyo occupies 14th place on the ranking list. The most expensive residential neighbourhood in the Japanese capital is the Minami-Azabu district, where this year a price of approx. 41,000 euros per square metre was paid for one exceptional apartment.
Paris and the renowned ski resort of St. Moritz feature in 15th place on the ranking list. The most sought-after addresses in the French capital belong to apartments in the famous Avenue Montaigne, where top prices have reached up to 40,000 euros per square metre. The residential road is not far from the majestic boulevard Avenue des Champs-Élysées, home to many well-known international fashion designers. Prices of as much as 40,000 euros per square metre are being paid for premium properties in St. Moritz as well, on the famous Suvrettahang hillside on the Via Suvretta.
The North Sea island of Sylt is still where the most expensive houses in Germany can be found. Addresses such as Hobookenweg in the desirable mudflat region of Kampen attract prices per square metre of up to 35,000 euros, taking it to 16th place.
Los Cabos, a community at the southern tip of the Mexican state of Baja California Sur, lies in 17th place. Here, in the exclusive “El Dorado Golf & Beach Club”, prices per square metre have risen to as much as 31,900 euros.
The highest priced residential property in Vienna is situated on Tuchlauben in the 1st District, where prices in 2014 peaked at 30,000 euros per square metre for upmarket penthouses. This puts the Austrian capital in 18th place.
In the premier locations of Majorca, prices per square metre reached approx. 27,000 euros on Calle Castanyetes in Port d’Andratx. This puts the popular holiday island in 19th place.
Premium prices are also being paid in the prime locations of Miami (placed 20th). Exclusive properties with ocean frontage on Star Island, a private island off Miami Beach, are particularly desirable amongst the international clientele. On the reputable residential road Star Island Drive, the price per square metre has reached around 25,200 euros.
Holmby Hills is one of the best residential districts in the west of Los Angeles and ranks in 21nd place. Together with the famous district of Bel Air and its easterly neighbour, Beverly Hills, Holmby Hills forms the so-called “Platinum Triangle”, home to many celebrities, including many from the entertainment industry. Here the unique “Fleur de Lys” estate changed hands in 2014 for around 25,100 euros per square metre.
This will be followed by the Müllerstraße in Munich, the Appelzakstraat in the Belgian holiday resort of Knokke-Heist and the HafenCity in Hamburg, in joint 22st place with 25,000 euros per square metre.
In 23rd place comes the Seeuferstraße on Lake Starnberg with a price per square metre of up to 22,900 euros.
In Berlin (ranked 24th), a penthouse on Hausvogteiplatz in the historic city centre was the most expensive address, with a price per square metre reached of up to 22,000 euros.
The Gold Coast of the Swiss banking metropolis of Zurich makes the final section of the list in 25th place, with prices per square metre of up to 21,500 euros.
“The residential property markets in the locations surveyed by Engel & Völkers are barely dependent on the economic situation of individual national economies, as the international demand in the premium market segment is very high. More and more people, especially newly affluent buyers from Eastern Europe, Asia and South America, are looking for international luxury properties around the world as a secure capital investment,” insists Christian Völkers. “Wealthy buyers are looking out for unique and iconic properties at the best addresses in cities and second home destinations, which often become collectors’ items. The highest prices per square metre will continue to be realized where scarcity ensures that properties are set to remain exclusive”.
Not every property in a prime location will sell at the maximum prices quoted in the ranking list. The analysis by Engel & Völkers focusses on absolutely exceptional locations and properties, which meet the very highest standards in terms of location, fittings and comfort. Only a fraction of the property transactions in the individual locations achieve the top prices cited in this analysis. Since properties in this highly exclusive market sector only rarely come on the market, these top prices naturally cannot be confirmed or exceeded year on year.