According to a recent study from billionaire.com, Peak Road is now the world’s most expensive street at US$114,000 per square metre (around HK$82,110 per sq ft).
In the study, prices are calculated on the basis of an average price per square metre of property on that street. This year’s list was compiled with the help of international agency Savills.
Topping the list is: Peak Road, followed by Upper Fifth Avenue in New York at HK$838,127 per square metre (about HK$77,892 per sq ft), and Knightsbridge in London at HK$799,325 (HK$74,286 per sq ft).
Simon Smith, head of research at Savills Hong Kong explains: “Peak Road has long been the most prestigious and exclusive location on the Peak, but with its lack of large-scale developments and thin transaction volumes, the street has kept a relatively lower profile than its counterparts, Severn Road, Pollock’s Path and Barker Road, until this year.”
Earlier this year, the largest deal in the history of Hong Kong’s residential market took place at 75 Peak Road. The property was sold for HK$5.1 billion.
75 peak Road. Photo Credit: SCMP