Athens’ famous Ermou, named one of the world’s most expensive shopping streets

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*Athens' famous Ermou St (Image by Greek City Times)

Athens’ popular Ermou Street, located in the heart of the Greek capital, opposite Syntagma Square and the parliament building, has been ranked 14th most expensive retail street in the world, moving up from 15th place in 2019, according to real estate brokers Cushman & Wakefield.

Now in its 31st year, Cushman & Wakefield ranks high streets worldwide by their prime rental value. Combining insight on retail trends with a unique global proprietary data set of 448 high street retail rents, they rank the top shopping streets by their prime rental value.

On Ermou Street, you will find some of the city’s leading boutiques, international brand names, and local designers, and before the economic crisis hit the country, Ermou was among the world’s top 10 most expensive shopping streets around the globe.

The ranking found that the average annual rents along Ermou have increased to 3,420 euros per square meter from 3,000 euros per square meter, up by 14 percent against a year earlier.

According to Nick Symboura, head of Proprius real estate, representing Cushman & Wakefield in Greece, told Kathimerini that the steady rise in store rents on Ermou St is due in large part to a lack of vacant shop space compared to the demand, as well as to an absence of new shopping centers, which is forcing retail chains to look for properties on Ermou as one of the most commercial locations in Athens.

At the same time, Symboura goes on to add that increasing tourism flows to central Athens neighborhoods has boosted turnover for shop owners making retail chains more willing to pay higher rents to get a piece of the pie.

Russel Street in Hong Kong’s Causeway Bay took the number one spot, New York’s Upper Fifth Avenue came in second and New Bond Street in London took the third spot ahead of the Champs Elysees in Paris, which ranked fourth.

The full list can be found here- cushmanwakefield

*Main source: GTPHeadlines