The most expensive shopping miles in the world

Italy has one more superlative: Milan is home to the most expensive luxury shopping street in the world. It is via Montenapoleone, the center of the Quadrilatero della Moda, the fashion district of the northern Italian metropolis. With a prime rent of €20,000 per square meter, it tops the rankings in the “Main Streets Across the World” report, which Cushman & Wakefield real estate agents publish every year. They check 138 locations. For the first time, a European city is at the top.

Upper 5th Avenue in New York was relegated to second place. The prime rent there has remained stable at €19,537 this year. In Milan's most expensive shopping mile, however, rents have risen by 11% in the last twelve months and by as much as 30% in the last two years. In third place is London's New Bond Street. It has overtaken Hong Kong's most expensive shopping mile. The Champs-Elysées and Tokyo's Ginza follow. Zurich's Bahnhofstrasse defends its seventh place, with an almost unchanged top rent of the equivalent of €9,585 per square meter per year.

In Europe, Paris is the most expensive place, with five shopping streets in the top ten, followed by Rome with two. Germany is lagging behind as a luxury location, with Munich's Kaufingerstrasse as the national number one in 12th place worldwide.

Rents have become more expensive in almost 60% of the locations. They increased the most in the USA: by 11%, more than twice as much as in the previous year. In Europe, Váci Utca in Budapest stands out with a rent increase of 27%.

Andreas Neinhaus is an editor in the markets department and writes about macroeconomic topics. More info

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