Rents increasingly expensive

Vienna’s Kohlmarkt among the most expensive shopping miles

With a rent of 523 euros per square meter, the Kohlmarkt is the most expensive shopping street in Austria.

(Bild: AFP)

Vienna's Kohlmarkt is and will remain an expensive place to shop. Due to the high rents, the luxury shopping mile will still be one of the most expensive top international shopping miles in 2024.

With a rent per square meter of 553 dollars (523 euros) per year, the Kohlmarkt is the most expensive shopping mile in Austria - and not just for property tenants. Prices there have risen by five percent in just one year.

Milan tops the rankings
Milan's Via Montenapoleone has become the most expensive shopping street in the world for the first time. This is according to the report "2024 Main Streets Across the World", which was published on Wednesday by the real estate group Cushman & Wakefield.

According to the report, prime rents on Via Montenapoleone are higher than those on Upper Fifth Avenue at 2047 dollars (1939 euros) per square meter. In 2023, the Milan shopping street was in second place.

(Bild: AFP )

Via Montenapoleone has thus overtaken Upper Fifth Avenue in New York City to become the first European luxury shopping street to take first place in the 34-year history of the report.

In the last two years, rents for stores on Milan's luxury street have risen by more than 30 percent.

New Bond Street in London takes 3rd place in the ranking.

(Bild: AP)

New Bond Street in London took third place, ahead of Tsim Sha Tsui, Hong Kong's most important shopping street. Avenue des Champs Élysées in Paris came in fifth place.