According to a recent ranking by Financial News, Ostozhenka Street in downtown Moscow has made the list of the most expensive and desirable streets in the world.
According to the newspaper, the average price per square meter on Ostozhenka is $40,000 per square meter, making it eighth in the list this year.
Topping the list, according to Financial News, was Severn Road in Hong Kong, with an astounding price tag of $70,000 per square meter. Moving from eighth place on last years list, Severn Road has enjoyed a 72% increase in value highlighting the recent shift of capital from West to East.
The second place was tied between London's Kensington Palace Gardens and New York's Fifth Avenue, both demanding $65,000 per square meter. While Fifth Avenue is famous for its sky-high prices, Kensigton Palace Gardens is home to a powerful Indian steel tycoon, Lakshmi Mittal, who cofounded GLG Partners Noam Gottesman.
Last year's winner, Monaco's Avenue Princesse Grace, tumbled to fourth place with the average real estate price of $64,000 per square meter. Local agents blame the financial downturn for the drop in demand of the principality's waterfront properties and are advertising a discount of up to 25% to potential buyers.
Chemin de Saint-Hospice, Cap Ferrat came in fifth with the asking price of $55,000 per square meter. Located just to the East of the French city of Nice, this small, luxurious peninsula came in second on last year's list and is also feeling the effect of the crisis. Both fourth and fifth place experienced a 45% drop in value.
Rue Bellot in Geneva, Switzerland, came in sixth with a price tag of $45,000 per square meter. It made the ranking for the first time and offers its inhabitants a tranquil living environment due to enforcing rigorous regulations on who can and cannot acquire property there.
Via Romazzino in Porto Cervo, Sardinia, claimed seventh place with an asking price of $42,000 per square meter. The most expensive street in Italy is home to many celebrities including Russia's oligarch Alisher Usmanov, who owns the Arsenal football club.
Rounding out the Top 10 with $32,000 per square meter is Paris's Avenue Montaigne and $28,000 on Wolseley Road in Sydney, Australia.
MOSCOW, March 9 (RIA Novosti)
