The Cushman & Wakefield report, now in its 34th year, monitors rental trends across 138 prime retail locations worldwide.

The world’s most expensive shopping street is now Via Monte Napoleone in Milan, surpassing New York’s Fifth Avenue. This marks the first time a European city has claimed the top spot in global retail rankings. As for the rental prices, they remain exceptionally high.

Rents on Via Monte Napoleone, located in the heart of Milan, Italy’s economic capital, rose by 11% over the past year to $21,094 per square meter, driven by demand exceeding supply, according to a report by real estate firm Cushman & Wakefield. In comparison, rents on Upper Fifth Avenue (covering 49th to 60th Street in New York) remained unchanged for the second consecutive year at approximately $19,850 per square meter.

Beyond the top two positions, London’s New Bond Street overtook Tsim Sha Tsui in Hong Kong to secure third place, with rents reaching $17,015 per square meter. Paris’s iconic Avenue des Champs-Élysées ranked fifth, with rents at $13,200 per square meter.

In Cyprus, Limassol’s Anexartisias Ave ranks 44th on the global list. Rents remain unchanged from 2023, averaging €480 per square meter.

According to Cushman & Wakefield, the top 10 most expensive retail locations by rent per square foot are:

1. Via Monte Napoleone, Milan

2. Upper Fifth Avenue (49th–60th Street), New York

3. New Bond Street, London

4. Tsim Sha Tsui, Hong Kong

5. Avenue des Champs-Élysées, Paris

6. Ginza, Tokyo

7. Bahnhoftstrasse, Zurich

8. Pitt Street Mall, Sydney

9. Myeongdong, Seoul

10. Kohlmarkt, Vienna