The 1.25-mile waterfront stretch in Monaco that used to be the world's most expensive street looks no different from the rest of the city - and it says a lot about Monaco's wealth
Katie Warren/Business Insider
- Monaco, a tiny sovereign city-state on the French Riviera, is one of the wealthiest nations in the world.
- It's home to what was once the most expensive street in the world: Avenue Princesse Grace, a roughly 1.25-mile waterfront street named after American actress Grace Kelly, who married Prince Rainier III of Monaco.
- In 2008, the street's lavish real estate had an average price of $17,750 per square foot, according to Wealth Bulletin.
- But today, while it's still a prestigious area, Avenue Princesse Grace is no longer one of the world's priciest streets, and most of its housing is made up of rentals, local real-estate agents told Business Insider.
- In fact, I recently walked down Avenue Princesse Grace, and it didn't look much different from the rest of the lavishly wealthy city.
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The country, which is smaller than New York City's Central Park, hosts glamorous events each year, such as the Monaco Yacht Show and the Monaco Grand Prix.
And it was once home to the world's most expensive street. In 2008, The Wealth Bulletin ranked Avenue Princesse Grace the most expensive street in the world, with an average price of $17,750 per square foot, beating out Severn Road in Hong Kong and Fifth Avenue in New York City.
The roughly 1.25-mile waterfront street was named after American actress Grace Kelly, who married Prince Rainier III of Monaco in 1956.
But today, while it's still a prestigious area, Avenue Princesse Grace is no longer one of the world's priciest streets - or even one of Monaco's. Its average price is about a third of what it was in 2008, and its housing stock is now mainly made up of rentals, according to local real-estate agents.
On a recent trip to Monaco, I walked down Avenue Princesse Grace. Here's what it looked like.