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Istanbul’s Istiklal Avenue has once again been listed among the world’s most expensive retail streets, ranking 36th globally and 22nd within Europe, according to the “Main Streets Across the World 2025” report published by global real estate consultancy Cushman & Wakefield.
The avenue retains the same position it held last year, with average retail rents remaining unchanged for the second consecutive year at $245 per square meter per month, equivalent to €2,251 ($2,604.43) per square meter annually.
The annual report compares prime retail rents across major cities worldwide, focusing on leading shopping corridors often associated with the luxury segment. These streets typically represent central, high-visibility areas where international brands concentrate their flagship stores.
London’s New Bond Street tops this year’s global ranking for the first time, with rents rising 22% year-on-year to €20,482 per square meter annually. It is followed by Milan’s Via Montenapoleone at €20,000 and New York’s Fifth Avenue at €18,359. The top five are completed by Tsim Sha Tsui in Hong Kong and the Champs Elysees in Paris.
Globally, the report notes that prime shopping streets have shown stronger resilience than broader retail markets despite economic uncertainties. Across all tracked markets, average rents increased by 4.2%, with 58% of surveyed cities recording growth.
The Americas led with a 7.9% annual rise, boosted by currency effects in South America. Europe followed with 4% growth, supported by rent increases in London and Budapest.
The Asia-Pacific region saw mixed performance as robust markets such as India and Japan offset weaker results in Greater China and Southeast Asia.
In Europe, London’s main shopping corridors—New Bond Street, Oxford Street, and Regent Street—each saw double-digit rent growth, reaffirming the city’s dominance in luxury retail. In Central Europe, Budapest’s Fashion Street posted a 33% rent increase, surpassing Vaci Utca as the city’s top retail location.
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