Montenapoleone, the World’s Most Expensive Luxury Shopping Street, in 2026

With retail rents exceeding €21,000 per square metre per year according to some recent estimates, Montenapoleone has overtaken New York’s famous Fifth Avenue (around €19,500 per square metre) and London’s New Bond Street, which commands rents of around €18,900 per square metre.

Historically, the hierarchy was dominated by New York and London, but this balance has recently become fragile. Several factors explain Milan’s rise. Firstly, the scarcity of supply: the Quadrilatero della moda, of which Via Montenapoleone is the epicentre, concentrates a unique density of luxury fashion houses within a few streets, with very little space available. This constraint creates immediate pressure on rents. Secondly, the major fashion houses have changed their strategy. Groups such as LVMH and Kering are investing directly in real estate to secure their locations, which automatically drives prices up. Finally, the city is benefiting from strong economic and symbolic momentum thanks to the knock-on effect linked to the 2026 Winter Olympics: other Milanese neighbourhoods such as Brera or Porta Romana, for example, are seeing significant rises in property prices. Here, it is residential property prices that have risen, ranging from €10,000 to €18,000 per square metre, with increases exceeding 30% over five years.

In other capital cities, prices remain high but more stable. In Paris, the legendary Avenue des Champs-Élysées sees prices of around €10,000 to €20,000 per square metre per year depending on location, but growth is shifting towards areas such as Rue Saint-Honoré or the Marais district, where rents are rising faster thanks to a mix of luxury, designer and new brands. These neighbourhoods attract a more local and younger clientele, less reliant on mass tourism. In London, Mayfair remains a safe haven, whilst Marylebone is emerging as a genuine alternative, with rents around €20,000 per square metre rising sharply. In New York, the hierarchy of the most prestigious and expensive streets for shop rents is also changing. Whilst Manhattan retains its peak prices (up to €30,000 per square metre for ultra-prime non-commercial properties), neighbourhoods in Brooklyn such as Williamsburg and Dumbo now exceed €12,000 to €15,000 per square metre. This trend can be attributed to a shift in brand strategy: they are increasingly favouring locations where rents are more flexible and where footfall is more local than tourist-driven. These neighbourhoods are thus gaining value, as they are not merely residential but combine housing, culture and ‘experiential’ retail within the same environment, creating a more attractive and dynamic living environment.