Real Estate

Dong Khoi Street (HCMC) is the 13th-most expensive place to rent in the world

Ngo Luong Friday | 11/24/2023 10:13

Dong Khoi Street in District 1, Ho Chi Minh City.

Dong Khoi Street in Ho Chi Minh City has increased by 1 place to become the 13th most expensive place to rent in the world.

The rental price at Dong Khoi Street is 390 USD/square feet/year (about 101 million VND/m2), an increase of 17% over the same period last year, according to Cushman & Wakefield's 33rd edition of its World Retail Avenue report.

Because of this, Fifth Avenue in New York City, USA, is still the most expensive place to shop in the world, even though wage growth has stayed the same since the same time last year. 

Italy's Via Montenapoleone shot up to the second rank, while China's Tsim Sha Tsui of Hong Kong dropped to third. Avenue des Champs-Élysées in Paris, France, and New Bond Street in London, England, are ranked fourth and fifth, respectively. 

Notably, inflation caused rents to more than double in the last year, pushing Istanbul's Istiklal Street—Türkiye—from 31st to 20th place. 

The study focuses on the typical rentals at retail establishments, many of which are luxury goods outlets, in the most renowned cities worldwide. Incentives, risk-sharing rental structures, and promotional discussions all have an impact on the rental value in this particular market sector.

This product offers a global index that lists the priciest travel locations worldwide for each market.

The top conventional retail locations in Asia-Pacific, according to study author and current Director of International Market Research in Asia-Pacific, Mr. Dominic Brown, said that rents are still expensive. high, making up four of the world's 10 most costly places. 

Along with a generally positive outlook for the economy in 2024, the area saw an average rent increase of 5.3% per year, which is good news for the ongoing recovery of the sector. stores in important premium markets.

As to the survey, a majority of over 95% of luxury brands reported an increase in profits in 2022, and this pattern persisted until early 2023.

Same category news

Hot news of the day

Latest news