Milan street overtakes New York as world's most expensive

Via Montenapoleone, in Milan's Fashion Quadrilateral, has been voted the most expensive luxury shopping street in the world, with rents reaching 20 euros (R$122) per square meter per year.

Home to brands such as Bottega Veneta, Cartier, Chanel, Dolce & Gabbana, Fendi, Ferragamo, Gucci, Hermès, Montblanc, Rolex, TAG Heuer and Versace, Via Montenapoleone has beaten Upper Fifth Avenue in New York (USA) with 19.537 euros (R$ 119 thousand) per square meter per year, in the annual ranking prepared by the real estate group Cushman & Wakefield.

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It is the first time a European city has topped the “Main Streets Across the World” report, which tracks rents on 138 urban retail thoroughfares across several countries.

According to the ranking, Via Montenapoleone's rise reflects a 30% increase in rents over the past two years, with an added boost from the euro's appreciation against the US dollar in 2024.

New Bond Street in London (United Kingdom), with 17.210 euros (R$ 105 thousand) per square meter per year, returns to third place, surpassing Tsim Sha Tsui in Hong Kong, with 15.697 euros (R$ 96 thousand). The famous Avenue des Champs-Élysées in Paris (France) appears in fifth place, with 12.519 euros (R$ 76 thousand), while Rua Oscar Freire in São Paulo (Brazil) is in 40th place, after having lost two positions in the ranking, with 705 euros (R$ 4,3 thousand).

“Milan has certainly become a global brand synonymous with luxury,” said Thomas Casolo, head of retail for Italy at Cushman & Wakefield. “The current position has also been influenced by the opening of new stores in the most sought-after area of ​​the quadrilateral, between Via Pietro Verri and Via Sant’Andrea, and also by the size of the street [Montenapoleone], which is concentrated in a much smaller space compared to those in London, Paris and New York,” he added.

“Milan has been positioning itself as one of the most important European capitals since Expo 2015, capable of attracting new investment, tourists and residents. It has now achieved an undisputed primacy,” reinforced Joachim Sandberg, CEO of the real estate group in Italy. (HANDLE)

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