New York, Hong Kong, London Streets Tops List
According to Knight Frank’s latest research for the most exclusive global residential neighborhoods — the top 10 ultra-prime streets and areas where the most transactions over $25 million have taken place in the last five years — was revealed this week.
The largest single global ultra-prime location is New York’s 57th Street where there have been 41 transactions since 2015, at an average price of $38.5m. Hong Kong’s Mount Nicholson Road, located on the Peak takes top second place with 35 transactions, although this location has the highest average price tag globally, at a mind-boggling $81.8m.
New York’s Central Park South comes in third with 32 transactions and Park Avenue in fourth with 20. London’s Grosvenor Square completes the top five with 13 ultra-prime transactions, with an average price of $45.4m.
Overall New York claims four of the top 10 spots with Fifth Avenue seeing 10, Hong Kong sweeps three of the top 10 streets with Mount Kellett, also on The Peak, and Conduit Road, both seeing 10 transactions take place. The Pacific Coast Highway-Malibu in Los Angeles and South Ocean Boulevard in Palm Beach complete the top 10, each with 10 transactions.
Liam Bailey, global head of research at Knight Frank comments, “The importance of luxury development in shaping the global ultra-prime market is clearly revealed in our unique review of top tier residential sales. The global nature of the ultra-prime buyer and their requirements in terms of design, facilities and services has created an opportunity for developers to deliver a new benchmark in quality in the key neighborhoods in New York, London and Hong Kong.”
Top 10 streets where the most ultra-prime ($25m+) have occurred between 2015 and June 2019
Susan de França, President and CEO at Douglas Elliman Development Marketing said, “As the leading ultra-prime location in the world, 57th Street is home to the most extraordinary residential offerings. The elegant combination of Steinway Hall’s rich history with the stunning new tower soaring 1,428-feet, perfectly centered overlooking Central Park, makes 111 West 57th Street a once-in-a-lifetime opportunity to reside at the centre of the world’s most exclusive neighborhood.”
Hong Kong Luxury Market Overview
David Ji, Director, Head of Research & Consultancy, Great China, Knight Frank also commented, “Achieved prices on Mount Nicholson and the Peak are sustainable – our research has shown that luxury prices are a lot less sensitive to economic conditions than mass market prices. It seems clear that there is healthy appetite from super luxury buyers if their desired price level is reached.”
London Luxury Market Overview
Rupert des Forges, Head of Prime Central London Development at Knight Frank tells World Property Journal, “Together, Finchatton’s Twenty Grosvenor Square and Lodha’s 1 Grosvenor Square have crowned Mayfair as the number one address for global wealth in London. Surrounded by the very best restaurants, clubs and retail, Grosvenor Square has reshaped London’s ultra-prime residential market and contributed to the re-emergence of Mayfair as one of the top residential destinations globally.”
Malibu Luxury Market Overview
Stephen Kotler, CEO of Douglas Elliman’s Western Region also commented, “The Pacific Coast Highway (PCH) in Malibu continues to be a red-hot luxury market for real estate, having witnessed some of the priciest sales in the country including two $100M transactions within two years. Owing to PCH’s proximity to the city coupled with the walkability to some of the best shopping and dining along the coast, owning a piece of the legendary scenic highway will never go out of style.”
South Florida Luxury Market Overview
Jay Phillip Parker, CEO of Douglas Elliman’s Florida Brokerage concludes, “Known as Palm Beach’s Billionaire’s Row, South Ocean Boulevard has seen record breaking activity this year, including the sale of a $110 million oceanfront home, La Follia, the most expensive home on the island. Just minutes away from the renowned boutiques of Worth Avenue, the wealthiest of buyers are increasingly deciding to purchase homes here due in part to the favorable tax laws and the ultra-luxe lifestyle this exclusive area offers.”