London’s Kensington Palace Gardens remains the home of the most expensive address in the world according to a survey of record prices for residential real estate in ten ‘world class’ cities published by Savills.
The top price of £8,500 per square foot was set in 2008 and has yet to be surpassed. A league table shows the top three ‘world class’ cities closely grouped with records set at more than £8,000 per square foot, with Hong Kong and New York just behind London with £8,400 and £8,300 per sq ft respectively. Singapore ranks in sixth place with a price of £3,400 per sq ft being achieved by a unit at The Marq in 2011.
A property that transacted in 2008 in London’s Kensington Palace Gardens tops the list at £8,500 per sq ft, followed by a Hong Kong transaction in Deep Water Bay Road, Southside at £8,400 per sq ft, which was sold in 2011.
Yolande Barnes, Director of Savills Global Research, said: “What sets these addresses apart is the rarity factor. Both are highly exclusive, well established residential streets, with extremely limited supply. Prime central London’s house prices have risen by almost 30 percent since 2008, and there is no doubt that London would retain its number one slot in 2012 were a house in Kensington Palace Gardens to come to the market this year.”
Barnes added that seven out of ten of the record transactions were undertaken within the last two years, and six out of the ten properties were new build.
She said: “The fact that these prices have been achieved during the global residential market’s most turbulent times illustrates the autonomy with which the billionaire market operates, fuelling the very top of the market.”
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