Milan’s Via Monte Napoleone has surpassed New York’s Fifth Avenue as the world’s most expensive shopping street, the first time a European city has topped the list in more than 30 years. Rents on Monte Napoleone surged 11% in the last year, CNN reported, now averaging $2,047 per square foot, while those on Fifth Avenue remained flat for the second straight year at $2,000.
Milan’s generous tax breaks have lured luxury shoppers from outside the EU, pushing up real estate and hotel prices — and raising rents in the city’s small historic center, the Financial Times wrote. Europe’s commercial rent market has boomed, Fashion Network wrote, thanks to the post-pandemic influx of tourists and the Paris Olympics.
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