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World's most expensive streets named

World's most expensive streets named

Severn Road in Hong Kong has been named as the world's most expensive street in the annual list compiled by Financial News.

The exclusive Hong Kong address has an average cost per square foot of $78,200 and despite seeing rates fall by as much as 72% as a result of the recession, has remained at the top of the list for a second year running, having been driven up by the star power and stellar bank balances of its wealthy residents. To put the figures in perspective, the average monthly disposable income of a worker in Hong Kong is just over $2,000 US.

The list, which is compiled from a survey of luxury property agents around the globe, named Kensington Palace Gardens in London as the second most expensive address, clocking in at an impressive $76,600 per square foot.

However, the rest of the list had a more international flavour, with the top five expensive streets comprising of Avenue Princess Grace in Monte Carlo ($69,700 per square foot), Chemin de Sait-Hospice in the Cote D'Azur's Saint-Jean-Cap-Ferrat ($62,700 per square foot) and New York's Fifth Avenue which will set you back $62,700 per square foot.

Also on the list were Quai Anatole in Paris ($44,600 per square foot), Rue Bellot in Geneva ($43,000 per square foot), Via Romazzino in Sardinia ($23,700 per square foot), Wolseley Road in Sydney ($20,900 per square foot) and Ostozhenka in Moscow which costs $18,000 per square foot.

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