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The prices of some of the most expensive real estate in the world have nearly halved in some markets, as a result of the global downturn. Highly sought after locations in markets like Monaco and Hong Kong have seen prices fall off dramatically. For the updated list of the world's most expensive real estate, see the following article from Property Wire.

monaco real estate
Monaco waterfront
It has a luxurious sounding name and now Avenue Princess Grace in the tiny Mediterranean principality of Monaco has been declared as the world's most expensive place to own property.

But even this most exclusive address has not been immune to the global downturn in the real estate market. Prices are currently $120,000 a square foot, some $70,000 a square foot less than they were a year ago.

Less than 30 miles away is the second most expensive place to buy – Chemin de Saint-Hospice in Cap Ferrat, France where 15 magnificent properties have commanding views of the sea and command equally splendid prices of $100,000 per square foot, according to the survey from the Wealth Bulletin.

In third place is Fifth Avenue, New York, at $72,000 per square meter. Overlooking Central Park, it has always been an exclusive address and attracts some of the world's wealthiest people including celebrities. But even here prices have been affected by the downturn with real estate agents saying there is a lack of supply due to residents reluctant to sell because of perceived price discounts.

Kensington Palace Gardens, a private road alongside Kensington Palace, the former London home of the late Diana, Princess of Wales, is in fourth place at $65,000 per square meter and next is Avenue Montaigne in Paris where you'll pay $54,000 per square meter for a property in the same street at the Élysée Palace, the official residence of French President Nicolas Sarkozy. Estate agents say there have been little changes in the prices paid for top properties on the street in the last year.

In at number six is Via Suvretta, in the exclusive ski resort of St Mortiz, Switzerland, where prices are $45,000 per square meter and have not suffered from the downturn due to high demand. Switzerland has restrictions on the number of foreign investors that can buy.

In seventh place is Italy's most expensive street - Via Romazzino, in Porto Cervo, Sardinia. This is where some of Italy's wealthiest people have holiday homes and you will pay $42,000 per square meter if you want to join them.

Severn Road, The Peak in Hong Kong is eighth on the list at $40,000 per square meter. But it is currently considered a bargain as prices have plummeted from $121,000 per square meter a year ago.

Ninth place goes to Ostozhenka Street, Moscow, at $35,000 per square meter and the final street in the top ten lists Wolseley Road, Point Piper, Australia, at $28,000 per square meter.

This article has been republished from Property Wire. You can also view this article at
Property Wire, an international real estate news site.