July 24, 2024

Athens News

News in English from Greece

The most expensive shopping streets in the world: Ermu's position

Athens' Ermou and Vukarestou streets are among the most expensive shopping centers in Europe.

Property market research carried out by Cerved Property Services, outlining the outlook for the next 6 months, shows that despite the rise of e-commerce during the Covid-19 period, retail in physical stores located on the main streets of Athens looks particularly promising.

Rental prices seem to remain stable with rising trends in the central shopping areas of central Athens.

Data from BNP Paribas Real Estate is instructive, according to which on Ermou and Vukarestio streets the rent for shops is 3,300 euros per square meter on an annualized basis and 2,500 euros per square meter, respectively. The Fourlis group with the Intersport store, Adidas returned to the “brilliant” street in 2022, in addition, the international brand Foot Locker and ZAKCRET Sports also have stores on Ermou Street.

Ermu is the second most expensive street in Southern Europe after shopping areas in Rome and Milan, where rent is 3,500 euros/sq.m. per year and at a price of 3800 euros/sq.m. respectively.

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How are things going with this in Europe? The rent of stores in Barcelona and Madrid is set at 3,000 euros per sq.m. In Berlin, rent reaches 3,000 euros per sq.m. per year, and in Frankfurt – 3300.

In the Netherlands, on Kalverstraat, one of the busiest streets, rents reach 2,000 euros per square meter. On the Champs Elysees, rental prices reach 16,000 euros/sq.m. per year, and on London Oxford Street the rent is 6208 euros per sq.m.

At European level, rents broke records on London's Bond Street, reaching €26,073 per sqm. In Rome and Via Condotti it is 11,000 euros/sq.m./year. In Paris, the maximum rent is stabilized at 14,000 euros/sq.m./year.

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