Hong Kong’s Peak Road is the most expensive street in the world, a website survey has found.
Billionaire.com compiled a list of the ten most expensive streets in the world in July. They found that Peak Road, located at the summit of Victoria Peak on Hong Kong Island, topped the list with an average property price of US$114,000 (HK$884,690) per square metre.
Peak Road is less than four kilometres in length, beginning near the Police Museum at Wan Chai Gap and terminating adjacent to Peak Tower.
The street is home to a number of the world’s most exclusive residential addresses, including Orient Crest, Sky Court and Taikoo House.
The website said the list was composed by calculating the average price per square metre of properties along the street. It added that streets are eligible to be listed only if property transactions took place in the past 18 months. It said the decision was made “in the interest of accuracy”.
In January, Ho Tung Gardens (75 Peak Road) was sold to a developer for HK$5.1 billion. The transaction was the largest deal in Hong Kong’s private residential market.
According to property consultancy firm Savills, the site encompasses an area of 11,500 square metres, giving it a transaction price of close to HK$443,500 per square metre.
Peak Road was followed on the list by Upper Fifth Avenue in New York and Knightsbridge in London. Their recorded average prices were US$108,000 (HK$838,127) and US$103,000 (HK$799,325) per square metre respectively.
