Knight Frank reveals top 10 ‘ultra-prime’ streets globally

by Ravi Chandran December 26, 2019, 3:47 pm 57 Views

Knight Frank has analysed sales data for the most exclusive global residential neighbourhoods and locations, enabling it to conclude on the top 10 ultra-prime streets and areas, where the most transactions over $25 million have taken place in the last five years.

The largest single global ultra-prime streets and areas is New York’s 57th Street where there have been 41 transactions since 2015, at an average price of $38.5m.

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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 jaw dropping $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 neighbourhoods in New York, London and Hong Kong.”

Top 10 ultra-prime streets and areas where the most sales (US$25m+) have occurred between 2015 and June 2019:

Location	Street	Number of ultra-prime sales	Volume ($m)	Average ultra-prime sale ($m)
New York	57^th 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

Source: Knight Frank Research, Douglas Elliman, LonRes, HM Land Registry, Memfus Wong Property Information Centre

(Notes: All data relates to that which is reported and may not cover all transactions in the market place. All data is presented in US$, with the exchange rate as at 28 June 2019, unless stated otherwise.)

Knight Frank takes a deeper dive into the markets listed in the top 10 ultra-prime streets and areas rankings:

New York:

“As the leading ultra-prime location in the world, 57th Street is home to the most extraordinary residential offerings,” said Susan de França, President and CEO at Douglas Elliman Development Marketing. “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.”

Hong Kong:

David Ji, Director, Head of Research & Consultancy, Great China, Knight Frank said:

“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:

Rupert des Forges, Head of Prime Central London Development at Knight Frank, said: “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:

Stephen Kotler, CEO of Douglas Elliman’s Western Region, said: “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.”

Florida:

Jay Phillip Parker, CEO of Douglas Elliman’s Florida Brokerage, said: “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.”

Singapore’s Orchard Road did not make it to Knight Frank’s ultra-prime streets and areas list. In January 2019, the Singapore Tourism Board (STB), Urban Redevelopment Authority (URA) and National Parks Board (NParks) announced the revamp of Orchard Road.

Singapore Government announcement said that the Orchard Road revamp will make the shoppers’ district a a must-visit lifestyle destination.

In announcing the Orchard Road revamp efforts, Minister for Trade and Industry and Co-Chair of Ministerial Steering Committee for Orchard Road Chan Chun Sing said: “Against the backdrop of increasing competition from other cities and the evolving retail landscape, Orchard Road has remained at the forefront of consumer trends to stay relevant to local and international visitors.”

He added: “This was made possible with the public and private sectors working together to bring in innovative concepts and exclusive retail offerings. We will continue our partnership with the private sector to develop Orchard Road as a vibrant lifestyle destination that offers an exceptional experience beyond retail.”

As a lifestyle destination, Orchard Road will offer differentiated experiences to bring out the unique identity of each sub-precinct. Innovative retail concepts, attractions, entertainment and events will be introduced at each sub-precinct to cater to the varied interests of visitors. Side streets such as Killiney Road and Orchard Turn will also be enhanced to allow visitors to discover the lesser known parts of the precinct and better connect Orchard Road to the surrounding neighbourhoods.