Myeongdong is world's 8th most expensive shopping location: Cushman & Wakefield

 

Myeongdong in Seoul is the world's eighth most expensive shopping location, with its rents reaching US$932 sq ft per year, a global real estate adviser said.

In its Main Streets Across the World report for 2014/2015 published on Tuesday (local time), Cushman & Wakefield said that Myeongdong moved up one notch to eighth place as its rents soared 17.6 percent from a year ago. 

Ginza in Tokyo was ranked seventh with rents amounting to $953 sq ft per year.

New York’s Upper Fifth Avenue, where rents reached a record $3,500, topped the list, followed by Hong Kong’s Causeway Bay ($2,735), Paris' Avenue des Champs-Elysees ($1,556), London’s New Bond Street ($1,216), Sydney's Pitt Street Mall ($1,016) and Milan's Via Montenapoleone ($998).

Upper Fifth Avenue overtook Causeway Bay as the world’s most expensive shopping destination.

Zurich's Bahnhofstrasse placed ninth with $875, while Moscow's Stoleshnikov completed the top 10 with $557.