Athens’ popular shopping strip Ermou, located in the heart of the Greek capital, opposite Syntagma Square and the parliament building, has been ranked 15th most expensive retail street in the world, moving up four spots from 19th in 2017 and 25th in 2016, according to real estate brokers Cushman & Wakefield.
Here you will find some of the city’s leading boutiques, eateries, and bars and before the economic crisis which hit the country, Ermou was among the world’s top 10 most expensive shopping streets in the globe and is aiming now to reclaim its leading spot.
At the peak of the country’s debt crisis, in 2013, Ermou Street had plummeted to 31st spot on the Cushman & Wakefield list.
According to Cushman & Wakefield’s latest annual report, yearly rent for a shop on Ermou Street comes to 3,000 euros per square meter, compared to 2,640 euros last year.
The report highlights the strong recovery made in the past two years with average rents for shops nearest Syntagma Square going for 250 euros per square meter against 220 euros a year ago – up by 13.5 percent – and lower even, at 190 euros in 2016.
Besides Ermou Street’s obvious advantages, which include proximity to the historic center and to Syntagma Square, it has also gained added value due to the increasing demand for accommodation nearby.
According to property market experts, the most popular among tourists seeking home sharing accommodation are around Ermou Street, including Koukaki, the Acropolis and Monastiraki.
Russel Street in Hong Kong’s Causeway Bay district replaced New York’s Upper Fifth Avenue as the world’s most expensive retail street in 2018, while New Bond Street in London took the third spot ahead of the Champs Elysees in Paris, which ranked fourth.