Fifth Avenue in New York retains for the second year in a row its place as the most expensive shopping artery in the world, a study by an expert firm said on Wednesday. It is still ahead of Causeway Bay, on Hong Kong Island, and the Champs-Elysées in Paris.
The famous New York street had stolen the first place in Hong Kong last year, after two years of supremacy of the latter. But the economic slowdown in China and declining sales, especially those traditionally made to tourists staying in Hong Kong, caused rental values in Causeway Bay to drop 12%, following a 6.8% drop in last year.
Rents in this lively district are now worth an average of 23,178 euros (25,063 francs) per square meter, indicates the study by Cushman and Wakefield, presented at the MAPIC, trade fair for commercial real estate. which takes place until Friday in Cannes.
American economic rebound
Conversely, the United States is experiencing an economic rebound which supports the rental revaluation of the country’s main cities, with rents up 6.9%.
On the 5th avenue in New York, the commercial square meter is now trading at 33,812 euros. In the second half of 2015 alone, rents rose by nearly 3,300 euros on the famous avenue.
The Champs-Elysées in Paris still appear in third position in the world ranking, at 13,255 euros per square meter. However, its rents remain stable compared to last year, after record increases recorded in 2012 and 2013.
It is also the most expensive shopping street in Europe, in front of New Bond Street in London.
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