Via Montenapoleone is officially the most expensive Luxury Street in the world

In Italy, rental costs are reaching ever higher levels, making searching for a home or commercial space challenging, especially in major cities. A striking example of this phenomenon is Via Montenapoleone, which has achieved a global milestone: for the first time, an Italian address has been recognized as the most expensive street on the planet.

€20,000 per square meter: a global record

According to the 34th Main Streets Across the World report by Cushman & Wakefield, Via Montenapoleone has claimed the top spot in the global ranking of the highest rental prices. Overtaking iconic streets such as Fifth Avenue in New York and New Bond Street in London. This report analyzes the world’s main commercial streets, with a specific focus on spaces tied to the luxury sector.

Currently, the average cost to rent a space on Via Montenapoleone is €20,000 per square meter per year. Renting a 100-square-meter space on Milan’s most exclusive street means spending a staggering €2 million per year.

Fifth Avenue in New York, which dominated this ranking for years, has slipped to second place, with an average cost of €19,537 per square meter. In third place, we find New Bond Street in London, at €17,210 per square meter.

Click here to read last year’s report results, with Via Montenapoleone in 2nd place

via Montenapoleone luxury stores — This is the layout of luxury stores (numbered) on Via Montenapoleone

The rapid rise in rental prices

All 138 locations analyzed in the report showed an average annual increase in rents of +4% compared to the previous year, but Via Montenapoleone stands out with a record-breaking growth. Over the past 10 years, the cost per square meter has more than doubled. In 2014, renting a square meter on this street cost a “mere” €8,500 per year.

One of the main reasons behind this exponential growth is Via Montenapoleone’s unique exclusivity. With a length of just 460 meters, the available spaces are minimal, fueling competition among luxury brands vying for a presence in this prestigious location.