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Rediff.com  » Business » HK's Severn Road is world's most expensive address!

HK's Severn Road is world's most expensive address!

March 14, 2011 18:35 IST
Severn Road in Hong Kong has topped the list of the world's most expensive addresses.

According to Financial News, the list includes London's Kensington Palace Gardens, New York's Fifth Avenue and Wolseley Road in Point Piper, Sydney, reports News.com.au.

In Hong Kong, buyers of Severn Road's mix of detached houses and apartment blocks are likely to pay $80,000 a square metre.

But volatility should be expected in the area, where prices have soared by as much as 60 per cent over the last two years, after plummeting by 40 per cent at the start of the financial crisis.

The Land Registry put Hong Kong's total property transactions last year at $88 billion, up 33 per cent from 2009.

Kensington Palace Gardens in London, a private road affectionately referred to as ''Billionaire's Row'' by locals, ranked second on the survey, which is now in its fourth year.

Its most recent sale was to Tamara Ecclestone, daughter of billionaire Formula One mogul Bernie Ecclestone, who reportedly paid $70 million for the house.

"I'm not a spoilt, ungrateful brat who doesn't know the value of money," said Tamara to HELLO! magazine.

"For me, spoilt means ruined, and I don't feel ruined," she said.

The list also included New York's famous shopping district Fifth Avenue at 5 and new entrant Quai Anatole in Paris, which replaced Avenue Montaigne near the Champs-Elysees.

Source: ANI