Ermou street in downtown Athens is the 15th most expensive main retail street in the world, according to the Cushman & Wakefield’s annual “Main Streets Across The World Report”.
The report revealed that the average annual rent on Ermou Street reached €3,000 per square meter in 2018, compared to 2017 when it was €2,640.
Before Greece was hit by the 2010 financial crisis, the street occupied 10th spot, while its lowest ranking since 2010 was in 2013 when it fell to 31st.
The rise in tourism in the Greek capital with the expansion of Airbnb in downtown Athens resulted in an upward trend in the value of the street staring in 2016. Large firms capitalised on the positive trend by investing large sums in the street.
Hong Kong, New York, London, Paris, and Milan were the cities that hosted the most expensive retail streets in the world.