Property on a street in Hong Kong has been found to set one back over half a million rand ... per square meter.

Ronald Ennik, CEO of Ennik Estates said, "The most expensive address in the world is not in London, Paris, or New York, as might be expected, but in Hong Kong".

"Homes on Severn Road in Hong Kong come with the highest price tag of $78 200 (about R625 000) per square metre on a recent Wall Street Journal list of the 10 most expensive streets on the planet.

"Named after Claude Severn, Governor of Hong Kong when it was a British colony, Severn Road was followed in second place by Britain's most expensive street - London's prestigious Kensington Palace Gardens (a private road), which is priced at R605 000 per square meter".

"New York's Fifth Avenue (R495,000 per square meter) came in at number five on the list, followed by Quai Anatole in Paris (R352,000 per square meter)."

The rest of the Journal's Top 10 streets are:

Avenue Princess Grace (3) in Monaco, at R550,000/square meter; Chemin de Saint-Hospice (4) on the French Riviera's Cap Ferrat peninsula(R495,000/square meter); Rue Bellot (7) in Geneva (R341,000/square meter); Via Romazzino (8) in Porto Cervo, Sardinia (R187,000/square meter); Wolseley Road (9) in Sydney Australia (R165,000 per square meter); and Ostozhenka (10) in Moscow (R143,000 per square meter).

Ennik said, "The fact that Severn Road topped the journal's list for the second year running speaks volumes for the strength and resilience not only of the economy and property market of the city of Hong Kong but also the greater Asia Pacific region".

"So much so that it came as no surprise when, in June this year, Christie's International Real Estate established its Asian Regional headquarters in Hong Kong.

"The Asia Pacific region has a passion for real estate that is unparalleled globally," Neil Palmer CEO of the company, said at the time.

It was not long after a home was sold in the city, on 10 Pollocks Path, for $12,327 (just under R100 000) per square foot.

"From our knowledge of luxury sales worldwide, we believe that this sale achieved the highest price ever per square foot," said Palmer."

Ennik said, "To put this in perspective, prices of top end properties on SA's priciest streets - such as Nettleton Road in Cape Town's Clifton (listed by Wikipedia as Africa's most expensive street), and Coronation Road in Sandhurst, Sandton (Johannesburg) - are about R100 000 per square meter!"

"Hopefully, given the weaker rand and the uncertainty still surrounding the eurozone debt crisis, foreign investors may soon start looking deeper at what the luxury homes market in SA has to offer right now," says Ennik.

"Perhaps visiting delegates to the COP17 indaba in Durban will do just that before they return home."