Hong Kong vs New York: Causeway Bay beats Fifth Avenue as most expensive street in the world

Hong Kong takes away from New York the title of the most expensive street in the world. The rent for a commercial premise in Causeway Bay, the main artery in Hong Kong, costs an amount of 24,606 euros per square metre a year, whereas renting it in Fifth Avenue, New York’s prime commercial axis, is valued in 20,733 euros per square metre each year, according to the report Main streets across the world 2018 by the real estate consultant Cushman&Wakefield.

Both shopping streets have reduced the average price for their commercial rents in the last year, although in the case of Fifth Avenue, the downturn has been more accentuated. Thus, renting a commercial premise in Causeway Bay is now a 4.1% cheaper than in 2017, whereas doing it in the prime commercial artery of the United States is a 26.6% more economic.

The New Bond Street in London holds the bronze in the classification with an average renting price valued in 16,071 euros per square metre every year. The Avenue des Camps-Elysées in Paris has unseated the Italian Via Montenapoleone regarding the renting costs for commercial establishments. The price of a rent in the Parisian commercial axis stands at 13,992 euros per square metre and year, whereas in Milan, the price is situated at 13,500 euros per square metre and year.

The Ginza district in Japan; Pitt Street Mall in Sidney; Myeongdong in Seoul; Bahnhofstrasse in Zurich and Kohlmarkt, in Vienna, all keep their positions in the rest of the top ten, with rents that go from 11,300 euros per square metre and year to 4,800 euros per square metre and year.

Portal de l’Àngel, in Barcelona, defends the fourteenth position, the same it had last year, being once more behind Beijing’s Wangfung, Munich’s Kaufingerstraße and Grafton Street in Dublin. According to the report, the price to rent in Portal de l’Àngel is set at 3,360 euros per square metre a year.