May 12, 2021

They dethrone Fifth Avenue in New York as the most expensive in the world

They dethrone Fifth Avenue in New York as the most expensive in the world



The famous Fifth Avenue of New York, which houses both iconic buildings and luxurious shops, ranks second for the most expensive retail space rental in the world, specifically, the corridor between streets forty-nine and sixty.

The fashion brands Prada, Versace, Dior, Louis Buitton or Cartier are some of the names in that famous and expensive Fifth Avenue corridor, with a rent price of 2,250 dollars per square foot (0.09 square meters), of According to the report "Main Streets Across the World", prepared by the US real estate service company Cushman & Wakefield.

The famous New York street, which also houses the private residence of the current US president, Donald Trump, was displaced this year from his reign by Causeway Bay, in Hong Kong, which requires $ 2,671 for the same retail space, According to the report, published by the real estate newspaper The Real Deal.

No other city in the United States appears in the top ten on that list.

The third place is occupied by New Bond Street, in the city of London, in the United Kingdom, with a retail price of 1,744 per square foot, followed by France, Italy and Japan.

The report also indicates that the third quarter of this year reflected a reduction in the construction of multifamily housing in Manhattan, where 4,490 units were completed, a decrease of 750 with respect to the same period of the previous year.

About half of these homes were built in lower Manhattan.

However, where there was no reduction is in the price of rents, with an increase of around 3.2 percent, for a monthly average in Manhattan of $ 3,635 per month.

But that figure is even higher in other areas of this district, such as southern Midtown, which had an increase of 4.5 percent in that period, to be placed at about $ 4,178 per month.

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