Two ‘high streets’ of central Athens, Ermou and Voukourestiou, rank as among the most expensive in Europe, according to data compiled by BNP Paribas Real Estate.
Back in 2013, amid the severe economic crisis that struck the local real estate market, including commercial space, Ermou Street had plummeted to the 31st position on the Cushman & Wakefield list. However, it has since climbed back up, reaching the 19th position in 2017, and expected to gain even more with the economic recovery after 2019.
Store Rental Market Insights
Rents for stores on Ermou and Voukourestiou are calculated, on average, at 3,300 euros and 2,500 euros per square meter, respectively, on an annual basis.
Ermou is the second most expensive street in southern Europe, following the priciest upscale boulevards of Rome and Milan, where rents average 3,500 euros per square meter per year and 3,800 euros per square meter per year, respectively.
In comparison, top store rents in Barcelona and Madrid are at around 3,000 euros per square meter. In Berlin they reach 3,000 euros per square meter annually, while in Frankfurt they are 3,300 euros per square meter.
In the Netherlands, the Kalverstraat, one of the busiest “high streets”, has rents reaching 2,000 euros per square meter. On the Avenue des Champs-Élysées in Paris, rental prices soar to 16,000 euros per square meter annually, while on London’s Oxford Street, rents are around 6,208 euros per square meter.
In Europe, Bond Street in London has broken records with rents reaching 26,073 euros per square meter per year.
In Rome, Via Condotti rents are at 11,000 euros per square meter per year. In Paris, top rents stabilized at 14,000 euros per square meter annually.
