Real estate experts at Jones Lang Lasalle compiled a unique rating of the most expensive streets in Europe. The basis was the cost of renting on retail space.
The most expensive shopping street is the Champs Elysees in Paris. They are followed by Moscow Stoleshnikov Lane. In third place came the famous London Bond Street. The fifth and fourth place rightfully went to Tverskaya Street and Petrovka.
The slowdown in the Russian economy and the impact of the financial crisis are changing the picture on real estate markets. We are beginning to observe the correction of the trend of rapid growth in rental rates. Although the uniqueness of the shopping streets of the center of Moscow will remain, we expect an “averaging” of rental rates, i.e. rates for the most expensive premises will be adjusted downward. Nevertheless, consumer demand will remain high, including for premium products, and Moscow will maintain its position among the most prestigious retail locations among European cities, “says Vladimir Pantyushin, director of economic and strategic research at Jones Lang Lasalle for Russia and the CIS.