Ranked: Prague Pařížská is Central & Eastern Europe’s Most Expensive Street

Prague Pařížská Street topped in Central and Eastern Europe (CEE) in the annual survey by Cushman & Wakefield, titled Main Streets Across the World 2023. Pařížská ranked 19^th worldwide and 11th in Europe.

As per the report, the Czech Republic has topped in CEE for many years, repeatedly being the only CEE country to appear in the top 20. Pařížská Street has represented Czechia two years in a row since 2022. It has overtaken Na Příkopě Street, which has been the pride of the Czech Republic on the ranking in previous years.

This 33rd edition of the Cushman & Wakefield Main Streets Across the World ranking surveyed over 50 countries across the globe. The main factor considered in the analysis was the level of retail rents on each of these most expensive streets by country. Pařížská annual rent was €2,700 per sqm, translating to a monthly figure of €225 per sqm.

Commenting about Pařížská Street, Jan Kotrbáček a senior manager at Cushman & Wakefield said: “Pařížská Street in Prague has long been a primary destination for luxury brands entering the region within Central and Eastern Europe. Every year we witness the opening of a store of one of the world’s luxury brands – last year it was Chanel, Balenciaga, and ALO Diamonds, this year Polo Ralph Lauren and Jimmy Choo. Prague is a very desirable destination for luxury brands within Europe and Paris Street creates a unique location for the presentation of luxury goods. This street and its surroundings are by far the nicest, most compact luxury destination in Central Europe and has the widest range of brands represented.” Quoted by Property Forum publication.

Worldwide, New York City’s 5th Avenue secured the top spot with annual retail rents amounting to €20,384 per sqm or €1,700 per sqm per month. Via Montenapoleone in Italy’s Milan secured second place. Tsim Sha Tsui in Hong Kong, New Bond Street in London, and Avenue des Champs-Élysées in Paris rounded in the top five.

See also

Travel

Paris Tourism Spike: The Emily in Paris Effect or Simply the City’s Timeless Appeal?

Prague’s Paris Street is Expanding to Defend Future Status

Pařížská Street is seeking to defend its status with more retail rent space in prime locations. It will expand along the banks of the Vltava River near Miloš Forman Square to create more retail rent space. There will also be development projects in the area around the Faculty of Law in the same region.

Besides, with renovations on Fairmont Golden Prague Hotel at Pařížská 30 complete, Pařížská Street is continually increasing its retail rent space. Other significant renovations geared towards availing more space include the recently completed modifications of the landmark building at Pařížská 25.