Ermou among world’s most expensive streets thanks to tourism

Athens’ Ermou, the city’s main retail street, is the 15th most expensive retail street in the world according to Cushman & Wakefield’s annual ”Main Streets Across The World Report”, greekreporter.com notes in the following article:

The average annual rent along Ermou Street reached €3,000 ($3,750) per square meter in 2018, while last year the average rent was €2,640 ($3,000).

Ermou was ranked among the ten most expensive streets in the planet before the financial crisis. That changed dramatically during the last several years, with 2013 being the year with the lowest rents and Ermou sinking to the 31st position among the world’s most expensive retail streets.

More specifically, the average annual rent prior to the crisis was €4,320 ($4,905) per square meter while in 2013 it had dropped to €1,800 (2,045) for the same amount of space.

The downward trend reversed during the last couple of years, nevertheless, mainly due to Athens’ tourist boom and the expansion of Airbnb short-term renting in the city’s center. These developments led big firms to invest millions of euros in the street, giving it a chance to obtain a new look and attract many more consumers, locals and tourists alike.

The first five most expensive retail streets in the globe, according to the same report, are located in Hong Kong, New York, London, Paris and Milan.

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