Paseo de Gracia in Barcelona is considered the most expensive shopping street in Spain. This conclusion was reached by the real estate consulting firm Cushman & Wakefield in the international report “Main Streets Across the World” 2022, the first edition of which was published in 1988.
Over the years, the firm has been analyzing commercial and luxury street rents in approximately 92 cities around the world.
For this 2022, Paseo de Gracia overtook Portal de l’Àngel which was in the first position according to the consultancy’s report in 2019. The Portal is now ranked number 2.
These two famous Barcelona streets are followed in the ranking by Madrid’s Serrano, Gran Vía and Preciados with the most expensive commercial street value per square meter in Spain.
The report indicates that in Paseo de Gracia the prime rent is 2,677 euros per square meter per year, which makes the city rank 18th worldwide.
Likewise, according to the recent Transparency in High Streets report, between Barcelona and Madrid in cumulative terms during the first nine months of this year, 86 leasing operations have been signed in prime and super-prime areas. This represents an increase of 25% compared to the same period in 2021.
And what is the most expensive street in the world?
Worldwide, the most expensive shopping street is New York’s Fifth Avenue, where the square meter costs 21,076 euros.
Second place goes to Tsim Sha Street in Hong Kong, which records rents of 15,134 euros per square meter per year. In the 2022 report this street took the top spot from another Hong Kong street, Causeway Bay which topped the ranking in 2020.
It is followed by Via Montenapoleone in Milan, with maximum rental rents of €14,547 per square meter per year.
And the Top 5 is completed by London’s New Bond Street where the square meter is at 14,346 euros per year and the Parisian Champs Elysees at 11,069 euros per square meter per year.
Shopping in Spain’s most expensive shopping street
Passeig de Gràcia and Portal de l’Àngel are among those luxury streets where few consumers can shop, unless there are offers and sales.
They are among the most exclusive streets in the world because of the price required to rent a place.
In general terms, during the peak of the pandemic, rents in the main cities fell by 13% on average, but to date they have recovered. In fact, they are currently only 6% below pre-Covid-19 levels.
