200,000 euros per square metre: Saint-Jean-Cap-Ferrat leads the current
ranking of the world’s most exclusive residential addresses
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Engel & Völkers publishes its first-ever world ranking
Hamburg, 18 December 2014. The most expensive residential address in a global comparison is on the Saint-Jean-Cap-Ferrat peninsula on the Côte d’Azur. It is followed in the
ranking by prestigious residential locations in Hong Kong, East Hampton, London and
New York. These are the results of the ranking of the world’s most exclusive residential
addresses just published by Engel & Völkers. The company has recorded the most expensive property transactions worldwide based on its own brokerage deals and on market
analyses carried out over recent months.
A villa on the Avenue Claude Vignon on the Saint-Jean-Cap-Ferrat peninsula was sold
for approximately 120 million euros, with an interior spanning some 600 square metres.
This translates into a top price per square metre of 200,000 euros and therefore the highest
priced sale of a residential property registered by Engel & Völkers.
The Chinese special administrative zone of Hong Kong occupies second place. In the new
“Twelve Peaks” building development on Mount Kellett Road in The Peak area of Hong
Kong Island, penthouses sold for around 83.2 million euros, which converts into approximately 190,000 euros per square metre of living space.
East Hampton, situated at the eastern end of Long Island in the US state of New York,
comes in third place. An estate situated on a generously sized parcel of land with its own
private lake on Further Lane sold for around 147 million US dollars (approx. 118 million
euros). This is equivalent of around 168,600 euros per square metre of living space.
“Top prices on the global residential property markets are most apparent where the availability of homes is exceptionally scarce due to unique locations with extremely restricted
land space, where demand is nevertheless very high”, said Christian Völkers, CEO of Engel & Völkers AG. “With high-end properties, the critical factor is always the microlocation, which might even be the right side of a road or the unforgettable views. Properties in these locations very rarely change hands,” he continued.
Spectacular new building projects are enhancing top locations still further, leading to record prices. Even in Germany, where in global terms the most expensive addresses rank
lower down on the list, new developments in Munich, Hamburg and Berlin are still reaching price highs.
The British capital London ranks in fourth place. For a two-storey penthouse in the residential complex known as “One Hyde Park” on Knightsbridge, one square metre costs in
excess of 150,000 euros.
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The property market in the metropolitan area of New York is one of the most expensive in
the world, and is characterised by a high level of international demand. Apartments around
Central Park in Manhattan have traditionally been considered as some of the most desirable in the world. On the corner of 59th Street and 5th Avenue a penthouse with breathtaking views over the city was sold for approx. 120,600 euros per square metre. This value
puts New York in fifth place.
In sixth place is Avenue d’Ostende, which overlooks the marina in Monaco as well as affording unobstructed views of the Prince’s Palace. Particularly high-end residential property here sells for around 100,000 euros per square metre.
Sardinia, where there have hardly been any transactions in recent months in the highest
priced locations such as Romazzino Bay due to the sheer lack of properties on the market,
comes in seventh place in the ranking list. In several very isolated cases, prices of as much
as 95,000 euros per square metre were recorded in Romazzino Bay.
On the world-famous Boulevard de la Croisette in Cannes (eighth place), up to 70,000 euros were paid for premium properties where everything from the location to the interior
meets the desirable standards.
Another very sought after region is the southern Atlantic coastline in the US state of Connecticut. In Greenwich, Indian Field Road is currently setting the benchmark in terms of
price highs. In March of this year, the “Copper Beech Farm” sold for around 120 million
US dollars (equivalent to approx. 96.1 million euros). This works out at a value per square
metre of around 69,000 euros, bringing Greenwich on the ninth place.
Palm Beach is a popular and well-known luxury holiday destination in the US state of
Florida. Residences situated directly on South Ocean Boulevard are realizing top prices of
around 52,400 euros per square metre. This ensures place number ten for Palm Beach.
Prices per square metre in the upmarket Swiss ski resort of Gstaad and the Swiss city and
congress venue of Geneva reached as much as 50,000 euros, securing eleventh place in the
ranking list.
It is followed in 12th place by Moscow with its prime residential district of Kropotkinskaya. This area boasts a central location, not far from the Kremlin on the Moskva River.
The highest price per square metre was achieved by a property in the residential road
known as Butikovskiy per., at around 44,500 euros.
The island and city state of Singapore ranks in 13th place on the list. On Paterson Hill, one
of the prime residential addresses above the city, a new high-rise building recorded top
prices of 44,000 euros per square metre.
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Tokyo occupies 14th place on the ranking list. The most expensive residential neighbourhood in the Japanese capital is the Minami-Azabu district, where this year a price of approx. 41,000 euros per square metre was paid for one exceptional apartment.
Paris and the renowned ski resort of St. Moritz feature in 15th place on the ranking list.
The most sought-after addresses in the French capital belong to apartments in the famous
Avenue Montaigne, where top prices have reached up to 40,000 euros per square metre.
The residential road is not far from the majestic boulevard Avenue des Champs-Élysées,
home to many well-known international fashion designers.
Prices of as much as 40,000 euros per square metre are being paid for premium properties
in St. Moritz as well, on the famous Suvrettahang hillside on the Via Suvretta.
The North Sea island of Sylt is still where the most expensive houses in Germany can be
found. Addresses such as Hobookenweg in the desirable mudflat region of Kampen attract
prices per square metre of up to 35,000 euros, taking it to 16th place.
Los Cabos, a community at the southern tip of the Mexican state of Baja California Sur,
lies in 17th place. Here, in the exclusive “El Dorado Golf & Beach Club”, prices per
square metre have risen to as much as 31,900 euros.
The highest priced residential property in Vienna is situated on Tuchlauben in the 1st District, where prices in 2014 peaked at 30,000 euros per square metre for upmarket penthouses. This puts the Austrian capital in 18th place.
In the premier locations of Majorca, prices per square metre reached approx. 27,000 euros
on Calle Castanyetes in Port d’Andratx. This puts the popular holiday island in 19th place.
Premium prices are also being paid in the prime locations of Miami (placed 20th). Exclusive properties with ocean frontage on Star Island, a private island off Miami Beach, are
particularly desirable amongst the international clientele. On the reputable residential road
Star Island Drive, the price per square metre has reached around 25,200 euros.
Holmby Hills is one of the best residential districts in the west of Los Angeles and ranks in
21nd place. Together with the famous district of Bel Air and its easterly neighbour, Beverly Hills, Holmby Hills forms the so-called “Platinum Triangle”, home to many celebrities,
including many from the entertainment industry. Here the unique “Fleur de Lys” estate
changed hands in 2014 for around 25,100 euros per square metre.
This will be followed by the Müllerstraße in Munich, the Appelzakstraat in the Belgian
holiday resort of Knokke-Heist and the HafenCity in Hamburg, in joint 22st place with
25,000 euros per square metre.
In 23rd place comes the Seeuferstraße on Lake Starnberg with a price per square metre of
up to 22,900 euros.
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In Berlin (ranked 24th), a penthouse on Hausvogteiplatz in the historic city centre was the
most expensive address, with a price per square metre reached of up to 22,000 euros.
The Gold Coast of the Swiss banking metropolis of Zurich makes the final section of the
list in 25th place, with prices per square metre of up to 21,500 euros.
“The residential property markets in the locations surveyed by Engel & Völkers are barely
dependent on the economic situation of individual national economies, as the international
demand in the premium market segment is very high. More and more people, especially
newly affluent buyers from Eastern Europe, Asia and South America, are looking for international luxury properties around the world as a secure capital investment,” insists
Christian Völkers. “Wealthy buyers are looking out for unique and iconic properties at the
best addresses in cities and second home destinations, which often become collectors’
items. The highest prices per square metre will continue to be realized where scarcity ensures that properties are set to remain exclusive”.
Not every property in a prime location will sell at the maximum prices quoted in the ranking list. The analysis by Engel & Völkers focusses on absolutely exceptional locations and
properties, which meet the very highest standards in terms of location, fittings and comfort.
Only a fraction of the property transactions in the individual locations achieve the top prices cited in this analysis. Since properties in this highly exclusive market sector only rarely
come on the market, these top prices naturally cannot be confirmed or exceeded year on
year.
Download high resolution images here:
(Source: Engel & Völkers)
https://www.dropbox.com/sh/oi4z3pshmmcg5o0/AADfOwWDCoTGqqEudZuC7kTBa?dl=0
The images provided do not show the properties that achieved the prices given in the rankings. They serve merely to show a representative selection of luxury properties that are
currently for sale in those locations.
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For further information please contact:
ENGEL & VÖLKERS AG
Princess Wittgenstein
Head of Global Corporate Communication
Stadthausbrücke 5
20355 Hamburg
Phone: +49 40-36 13 11 20
Fax: +49 40-36 13 12 35
Bettina.Wittgenstein@engelvoelkers.com
About Engel & Völkers: Engel & Völkers is one of the world’s leading service companies specialised in the
sale and rental of premium residential property, commercial real estate and yachts. With its licence system,
Engel & Völkers is the only Germany-based firm to rank amongst the top 100 franchise companies in the
world.* Around 540 residential property shops specialised in high-class real estate and 63 commercial offices
brokering office, retail and industrial space, investment properties, multi-purpose apartment and office blocks
and property portfolios offer both private and institutional clients a professionally tailored range of services.
Leasing, sales, consultancy and valuations form the core competences of the staff of around 5,000 employees.
The Company is currently operating in 38 countries on five continents. Intensive training schemes in its inhouse real estate Academy and the high level of quality assurance governing its systematically structured service provision are key factors that account for the Company’s success. In 2014, Engel & Völkers was named
“Top National Employer” by the German news magazine “Focus”. In the same year, the company achieved
the top position in the broker ranking lists published by both the German Customer Institute (DKI) and the financial magazine “Euro am Sonntag”. Moreover, Engel & Völkers is the winner in the category “Best Company Brand” at the “Marken Awards der Immobilienbranche” (“Property Industry Brand Awards”) hosted by
the ImmobilienScout24. www.engelvoelkers.com
* Source: Franchise Direct “Top 100 Global Franchises Ranking 2011”
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