In the wake of a recession that knocked at least 40 percent off theprice tags of global prime property, the world's wealthiest individuals are buying homes on top streetsfor higher-than-ever prices, according to data from Knight Frank andultra high net worth (UHNW) intelligence firm Wealth-X.
The total real-estateholdings of the world's billionaires is estimated at $169 billion, which equates to an average of$78 million per billionaire.
Billionaires own an average of four homes, many of which are based introphy cities such as London, New York and Paris.
While Pollock's Path, The Peak in Hong Kong is the world's most expensive steet, NRI steel baron Lakshmi Mittal's London residential address, Kensington Palace Gardens, is the second most expensive street where the average price per square metre is a whopping $107,000.
Kensington Palace Gardens is also known as London's "Billionaire's Row", where properties change hands for as much
as ($195 million).
This private, tree-lined avenue is home to the French, Russian and Japanese embassies among others, and some of the world's most famous billionaires.
"Indian-born steel tycoon Lakshmi Mittal owns number 9a and 18-19. And, if he ever needs to borrow a cup of sugar, his oligarch-next-door at number 17, Roman Abramovich, will surely oblige," the report said.
The streets were ranked on the basis of average price per square metre. Rises in price include currencyfluctuations.
Here are the top five expensive streets:
Apart from these pincodes, Chemin de Ruth, Geneva, Switzerland is the sixth most expensive street with the average price per square metre at $37,500.
Surprisingly, Fifth Avenue in New York is only the ninth most expensive street with the average price per square metre at $28,000.
The top 10 most-expensive streets on the planet include Paterson Hill, Singapore (average price per sq mt: USD 42,500), followed by Chemin de Ruth, Geneva (USD 37,000); Romazzino Hill, Sardinia (USD 32,900); Ostozhenka, Moscow, Russia (USD 29,000); Fifth Avenue, New York, US (USD 28,000) and Avenue Montaigne, Paris, France (USD 26,000).
"The highest echelons of society grew their assets by over 5 percent last year according to our research,and at this level of wealth there are few forced sales of real estate. The cachet of buying a trophyproperty on a famous street is clear. But annual price rises in many of these exclusive neighborhoodsdemonstrates that owners can increasingly afford to wait for an offer they can't refuse," said TaraLoader Wilkinson, editor-in-chief of Wealth-X and editor-at-large at Billionaire.
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Updated Date: Dec 21, 2014 01:10:23 IST