Pollock's Path on Peak world's priciest street

PUBLISHED : Thursday, 21 November, 2013, 2:47am
UPDATED : Thursday, 21 November, 2013, 2:47am

Pollock's Path on the Peak, a traditional luxury location in Hong Kong, has been ranked the most expensive residential street in the world, with an average property price of US$120,000 per square metre, according to a study by Billionaire.com using data provided by real estate consultancy Knight Frank.

The average price of property on the path is US$13,000 per square metre more than second-placed Kensington Palace Gardens in London, the study showed.

Avenue Princesse Grace in Monaco ranked third while Boulevard du Général de Gaulle in Cap Ferrat, France, ranked fourth.

Singapore's Paterson Hill was the fifth most expensive street in the world, with an average property price of US$42,500 per square metre, the study showed. Fifth Avenue in New York ranked only ninth, with an average of US$28,000 per square metre.

In the wake of a recession that knocked as much as 40 per cent off the price tags of global prime property, the world's wealthiest individuals are buying homes on top streets for higher-than-ever prices, Billionaire.com said.

"The appeal of super-prime property has rarely been higher," said Liam Bailey, the head of residential research at Knight Frank.

"Rising demand for the best properties in the best locations has been set against tight demand, with limited new supply and discretionary owners who seldom feel compelled to sell."

Prices on Pollock's Path, which have risen 10 per cent in the past year, are rivalled by those on neighbouring Severn Road and Barker Road, but chic new developments on the winding path have pushed up prices.

Skyhigh, a development at 10-18 Pollock's Path undertaken by celebrity Stephen Chow Sing-chi, is one of the most prestigious developments on the path, according to the study.