Ermu streetthe main shopping street of Athens, is ranked among the most expensive in the world, ranking 12th place in the global ranking Main Streets Across The World 2024 from Cushman & Wakefield.
Erma rents reach record levels
According to the report, average annual rental rate on Ermu is approx. 3,540 euros per square meterwhich corresponds approximately $4,090. It’s almost 18% higher 2018 indicator, when the average cost was about 3,000 euros.
Today Erma is occupied 6th place among shopping streets in Europesecond only to New York, Milan and Hong Kong on a global scale. By comparison, during the 2013 financial crisis, rents fell to 1,800 eurosand the street was only 31st in the world.
Growth fueled by tourism and investment
Analysts attribute Ermu’s success to growth of tourismdevelopment short term rental (Airbnb) and large-scale investment in the center of Athens. International companies are actively investing in retail space, and the flow of shoppers – local and foreign – makes the street one of the busiest in the region.
Historical and economic axis of Athens
Ermu stretches approximately 1.5 kilometersconnecting Syntagma Square – the political heart of Greece – with a historical quarter Keramikos. Built shortly after the founding of the independent Greek state in 1832, it became one of the first streets of the modern city. Central part from Syntagma to Monastiraki Square completely pedestrianized, turning Erma into a continuous and busy shopping artery.
Today, the largest international and Greek brands are represented here – from fashion and cosmetics to electronics. The combination of tourist traffic, investment and renewed urban infrastructure has strengthened Athens’ position as commercial capital of southeastern Europe.
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