Nov 21, 2023

Pařížská Street in Prague is Among the Top 20 Most Expensive in the World

Pařížská Street in Prague has once again been ranked among the 20 most expensive shopping streets in the world in terms of rents, according to data from Cushman & Wakefield.

The survey, which compares nearly 50 countries worldwide based on the level of rents in retail space, places Pařížská Street in the Czech Republic at the 19th position.

As of the third quarter of this year, the highest rent reached EUR 2,700 (more than CZK 66,000) per square meter annually, equivalent to about EUR 225 (more than CZK 5,500) per square meter per month.

This positions the street as the 19th most expensive shopping destination globally, 11th in Europe, and the top spot in the Central and Eastern European (CEE) region.

“Pařížská has long been a primary destination for luxury brands entering the CEE region. Every year, we witness the opening of a store for one of the world’s luxury brands here,” says Jan Kotrbáček, Partner and Head of Retail Leasing, CEE, Cushman & Wakefield.

This marks the second inclusion of Pařížská in the ranking, surpassing Na Příkopě Street, which represented the Czech Republic in previous years in terms of retail rents. The Czech Republic consistently stands out as the only CEE country to appear in the top 20.

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There were no significant changes at the top of the ranking this year compared to the previous year. New York’s Upper 5th Avenue retains its first-place position with retail rents of EUR 20,384 (almost CZK 500,000) per square meter per year, or almost EUR 1,700 (almost CZK 42,000) per square meter per month. Milan’s Via Montenapoleone remains the second most expensive shopping avenue in Europe.

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