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TODAY'S OTHER NEWS

Top 10 global ‘ultra-prime’ streets revealed

Knight Frank has analysed sales data in the most exclusive global residential locations to list the top 10 ultra-prime streets and areas – where the most transactions over $25 million have taken place over the last five years.

New York’s 57th Street ranks as the largest single global ultra-prime location, with 41 transactions since 2015 at an average price of $38.5 million. Hong Kong’s Mount Nicholson Road, located on the peak, takes second place with 35 transactions – although this location has the highest average price tag globally at a whopping $81.8 million.

We head back to the Big Apple, where Central Park South comes 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 $45.4 million.

Overall, New York claims four of the top 10 spots, with Fifth Avenue seeing 10 transactions. 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.

“The importance of luxury development in shaping the global ultra-prime market is clearly revealed in our unique review of top tier residential sales,” Liam Bailey, global head of research at Knight Frank, comments.

“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 neighbourhoods in New York, London and Hong Kong.”

Susann de França, president and chief executive officer at Douglas Elliman Development Marketing in New York, says 57th Street is home to the most extraordinary 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 neighbourhood.”

David Ji, director and head of research & consultancy for Hong Kong at Knight Frank, adds: “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.”

Rupert des Forges, head of Prime Central London Development at Knight Frank, comments: “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.”

You can see the full table of findings below:

Location

Street

Number of ultra-prime sales

Volume ($m)

Average ultra-prime sale ($m)

New York

57th Street

41

$1,578

$38.5

Hong Kong

Mount Nicholson Road

35

$2,862

$81.8

New York

Central Park South

32

$1,436

$44.9

New York

Park Avenue

20

$860

$43.0

London

Grosvenor Square

13

$591

$45.5

Hong Kong

Mount Kellett Road

10

$648

$64.8

New York

Fifth Avenue

10

$557

$55.7

Los Angeles

Pacific Coast Highway - Malibu

10

$492

$49.2

Hong Kong

Conduit Road

10

$434

$43.4

Palm Beach

S Ocean Boulevard

10

$345

$34.5

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