10 most expensive markets in the world
While shopping in Khan Market of Delhi or posh areas of Mumbai, we feel that there would hardly be any place more expensive than this in the world. But, if you also think so, then the latest report of Cushman & Wakefield will clear your misconception. This report released with the name ‘Main Streets Across the World 2025’ has given a clear picture of those markets of the world, where even renting a small part of the shop makes big businessmen lose their money.
The world’s most expensive roads, where fares skyrocket
Despite inflation and economic changes around the world, the shine of luxury markets has not faded. According to the report, the crown of the world’s most expensive retail location is held by London’s ‘New Bond Street’. The one year rent here is around $2,231 per square foot. That means approximately Rs 2 lakh in Indian rupees for one square foot. Just behind this is Milan city of Italy, where ‘Via Montenapoleone’ is at second place. America’s New York City, which is often considered synonymous with luxury, has its ‘Upper 5th Avenue’ in third place.
Top 10 most expensive markets
- New Bond Street, London (UK) $2,231/sq ft/yr
- Via Montenapoleone, Milan (Italy) $2,179/sq ft/yr
- Upper 5th Avenue, New York (US) $2,000/sq ft/yr
- Tsim Sha Tsui, Hong Kong $1,515/sq ft/yr
- Avenue des Champs-Élysées, Paris (France) $1,364/sq ft/yr
- Giza, Tokyo (Japan) $1,257/sq ft/yr
- Bahnhofstrasse, Zurich (Switzerland) $1,051/sq ft/yr
- Pitt Street Mall, Sydney (Australia) $795/sq ft/yr
- Myeongdong, Seoul (South Korea) $653/sq ft/yr
- Kohmark, Vienna (Austria) $601/sq ft/yr
What is the condition of Khan Market?
Now the question is, where does our India stand in this global list? Delhi’s Khan Market, which is considered to be the most expensive retail market in the country, has come at 24th place in this global list. The annual rent here is $223 per square foot (approximately Rs 19,500). Interestingly, last year this market was at number 23, that is, its ranking has dropped by one place at the global level, but despite this it remains the most expensive ‘high street’ of India.
Gautam Saraf, Managing Director of Cushman & Wakefield, believes that India’s high streets (main markets) are showing great strength. Premium destinations like Khan Market, Connaught Place and Galleria Market are no longer just a shopping destination, but have become a medium for international and domestic brands to make their mark. The increasing income and changing preferences of people have increased the beauty of these markets.
The shine of open markets is increasing
Another very important trend has emerged in the report. Due to limited supply of mall space in India, the trend of big retailers is now moving towards ‘high streets’ i.e. open main markets. Brands feel that it is easier to connect with customers and increase their visibility in these markets than in malls. This is the reason why more than half of the retail leasing deals this year have taken place at these locations.
The effect of this competition is clearly visible on rents also. A huge increase of 25% has been recorded in the rent in ‘Galleria Market’ of Gurugram. After this, there has been an increase of 14% in Delhi’s Connaught Place and 10% increase in Mumbai’s Camps Corner. Overall, rents in 16 major locations in India have increased by an average of 6%.
Chennai market is cheap
While on one hand the markets of Delhi and Mumbai are emptying their pockets, there is also a relief news in the report. The most affordable main market in the Asia-Pacific region is India. Chennai’s ‘Anna Nagar 2nd Avenue’ has proved to be the cheapest in this list, where the rent is just $25 per square feet annually.