Budapest boasts one of the world’s most expensive streets
Budapest’s Váci Street Among World’s Most Expensive High Streets
Budapest’s Váci Street has made its mark as one of the priciest streets in the world, according to Cushman & Wakefield’s annual “Main Streets across the World” list. This recognition showcases Budapest’s position in the competitive realm of international retail real estate.
Global leaders in the retail market, such as New York’s Fifth Avenue and Milan’s Via Montenapoleone, continue to command high rents, setting the benchmark for the industry. Despite a pandemic-induced decrease in property prices, Váci Street saw a significant 27% drop in rent compared to 2019.
The global rankings provide insight into the most expensive high streets within each country, with Váci Street securing the 44th position in the European ranking. Notably, Central European streets outperform their counterparts in Italy, France, Germany, and even London, underscoring the significance of Váci Street on the European stage.
Vienna’s ‘Golden U,’ comprising Kärtner, Graben, and Kohlmarkt Straße, remains a luxury hotspot, housing renowned boutiques and prestigious department stores. Meanwhile, Prague’s Pařížská Street is challenging Budapest as a luxury counterpart to Vienna, attracting international fashion giants and upcoming luxury hotel developments.
Various factors, such as the presence of competitors, tourist spending habits, local economic conditions, street length, and ownership structures, influence a street’s ranking. Streets owned by parent companies of high-end brands often emerge as prime locations.
The global ranking of main shopping streets offers a glimpse into the dynamic world of retail real estate, with Vienna’s ‘Golden U’ maintaining its prominence and Prague emerging as a rising luxury destination. As economic stability, brand presence, and ownership structures continue to shape these rankings, the landscape of high streets in Central and Eastern Europe is poised to evolve in the coming years.
