Prague’s Pařížská once again crowned CEE’s most expensive shopping street

The centrally located thoroughfare, which houses a wide range of luxury, high-end stores, is Europe’s 11th-most expensive street this year.

Thomas Smith

Written by Thomas Smith Published on 21.11.2023 16:11:00 (updated on 24.11.2023) Reading time: 2 minutes

A new ranking has placed Prague’s upmarket Pařížská Street as the world’s 19th-most expensive shopping street, and the priciest in the Central and Eastern Europe (CEE) region.

A survey entitled The Main Streets Across the World by real estate firm Cushman & Wakefield evaluated retail space rents in 50 countries’ most expensive shopping streets.

Eye-watering sums

As per the survey, Pařížská is by far the most expensive street in Prague, with the highest recorded rent for the third quarter of this year hitting EUR 2,700 (CZK 66,150) per square meter annually. In comparison, the average rent for an apartment in Prague is around CZK 4,600 per square meter.

In world terms, Pařížská’s ranking drops by two spots from Cushman & Wakefield’s 2022 report, although it retains its spot as being the priciest street in the CEE region. It is Europe’s 11th-most expensive street this year.

Renowned for attracting luxury brands seeking to establish a presence within Czechia, Pařížská Street has consistently been a magnet for high-end labels. Jan Kotrbáček, senior partner at Cushman & Wakefield, attributed the street's allure to its central setting, helping draw in global luxury brands like Chanel, Balenciaga, Polo Ralph Lauren, and Jimmy Choo.

Further expansion ahead

Impressive growth in Prague’s luxury retail sector – with some stores reporting better growth than pre-Covid 2019 – has encouraged companies and developers to broaden their presence in the area.

Pařížská's prosperity is set to expand further with forthcoming projects along the Vltava River, near Miloš Forman Square and the Faculty of Law. These initiatives will introduce new retail spaces, notably within the recently renovated Fairmont Golden Prague Hotel and the revamped Pařížská 25 building, offering over 3,500 square meters for brands eyeing modern premises. 

Previous years saw Prague 1’s Na Příkopě Street hold the mantle of being Czechia’s most expensive road, but a substantial dip in real estate prices during Covid-19 allowed Pařížská to take over.

On a global level, New York’s Upper 5th Avenue is 2023’s most expensive street, with rent per square meter coming in at CZK 500,000. London’s New Bond Street is Europe’s most expensive road, at CZK 365,170 per square meter.

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