A recent study by Cushman & Wakefield, a global real estate services firm, reveals that Via Monte Napoleone in Milan has overtaken iconic shopping streets in New York and London to become the world’s most expensive retail location. Meanwhile, according to tovima.com, Athens’ Ermou Street has retained its 15th-place ranking, with an annual rent of €3,480 per square meter remaining unchanged since 2023.
Ermou Street, situated in Athens’ historic center, continues to be a prominent retail destination. Despite its steady position, no rental growth was recorded over the past year.
In Milan, the rental market for Via Monte Napoleone experienced an 11% rise, with annual rents reaching €20,000 per square meter. This makes it the priciest retail stretch among 138 global destinations tracked by Cushman & Wakefield. For the first time in 34 years, a European city has claimed the top spot. Milan’s appeal is bolstered by tax incentives attracting high-net-worth individuals, an influx of wealthy tourists, and strong demand among luxury brands for prime locations.
New York’s Fifth Avenue, which previously held the top position, saw its rental growth plateau in 2024. After recovering rapidly post-pandemic in 2022, the market has since slowed, enabling Milan to surpass it.
In Athens, Ermou Street remains the city’s highest-priced retail location. Data from Cushman & Wakefield Proprius for the first quarter of 2024 shows a prime rent of €290 per square meter with an annual yield of 5.25%. Glyfada and Thessaloniki’s Tsimiski Street follow at €150 per square meter. Notably, areas such as Kifisia, Piraeus, Patras, and Heraklion on Crete have seen the most significant increases in yields, reaching 6.5%.
Additionally, several other streets in central Athens, including Stadiou, Panepistimiou, Omonia Square, and Plaka, are witnessing rising rents, signaling a resurgence in their commercial significance.
Source: tovima.com
