Chiado, in the heart of Lisbon, is for the second consecutive year the most expensive location in Portugal - and the 33rd in the world. Prime rent on Rua Garrette, the reference axis in Chiado, has increased by 44% since 2013, and is now valued at 1,560 euros per square meter (m2) per year.
At stake is data from the Main Streets Across the World study, conducted annually by Cushman & Wakefield (C & W).
According to C & W, in Lisbon, prime rent on Avenida da Liberdade stands at 1,140 euros per m2 per year and Baixa has surpassed, for the first time, the amounts practiced on Avenida da Liberdade: it is currently at 1,260 euros per m2 per year .
With regard to Porto, the figures are lower, but show similar growth: in the third quarter of 2018, the income in Rua de Sta. Catarina was 900 euros per m2, which corresponds to an increase of more than 15 % compared to 2017.
Causeway Bay leads the ranking
Leading the list of the most expensive retail locations in the world is the Causeway Bay area (€ 24,606 per square meter per year) in Hong Kong, which surpassed New York´s 5th Avenue (€ 20,733 per square meter per year).
Street trade grows to tourist hitch
The stability of Lisbon in the ranking is explained by the growth of the format of street commerce globally, as a result of an increase in tourism worldwide.
The streets of Lisbon, and also of Porto, remain extremely attractive and dynamic, revealing the sustainability of this format of commerce in our country, increasingly directed not only for tourism, but also for residents.
It should be noted that the C & W study, which is already in its 30th edition, monitors and orders 446 retail locations around the world.