Athens’ Central Ermou 15th Most Expensive Retail Street in the World
Athens’ central thoroughfare, Ermou, opposite Syntagma Square and the parliament building, has been ranked 15th most expensive retail street in the world, moving up four spots from 19th in 2017 and 25th in 2016, according to real estate brokers Cushman & Wakefield.
Home to dozens of shops, cafes and restaurants, Ermou Street was among the world’s top 10 – at number 8 – before the economic crisis hit Greece, and is aiming now to reclaim its leading spot. At the peak of the country’s debt crisis, in 2013, Ermou Street had plummeted to 31st spot on the Cushman & Wakefield list.
According to Cushman & Wakefield’s latest annual report, yearly rent for a shop on Ermou Street comes to 3,000 euros per square meter, compared to 2,640 euros last year.
The report highlights the strong recovery made in the past two years with average rents for shops nearest Syntagma Square going for 250 euros per square meter against 220 euros a year ago – up by 13.5 percent – and lower even, at 190 euros in 2016.
Besides Ermou Street’s obvious advantages, which include proximity to the historic center and to Syntagma Square, it has also gained added value due to the increasing demand for Airbnb-style accommodation nearby.
Indicatively, according to property market experts, the most popular neighborhoods among tourists seeking home sharing accommodation are around Ermou Street, including Koukaki, the Acropolis and Monastiraki.
At the same time, investors have been eyeing central Athens aiming to tap into the growing number of tourists visiting the Greek capital and to the increasing interest in city break holidays.
In relevant news, Athens was recently named European Capital of Innovation for 2018 for contributing to dynamic innovation ecosystems, involving citizens in governance and decision-making, and tapping into innovation to improve resiliency and sustainability in urban settings.