Athens’ premier retail thoroughfare, Ermou Street, has solidified its status as a top global destination, continuing its powerful rebound to rank as the 12th most expensive retail street in the world.
This is according to the latest “Main Streets Across The World Report” by real estate giant Cushman & Wakefield, which covers market data through 2024.
Ermou’s Street soaring rents
Ermou Street’s current ranking marks a significant jump from its 15th position in 2018 and a dramatic recovery from its low point during Greece’s financial crisis. The street now stands as the 6th most expensive retail street in Europe.
Current Average Rent: The average annual rent along Ermou is approximately €3,540 per square meter.
Rent Growth: This represents robust growth, rising nearly 18% since the €3,000 recorded in 2018, confirming the upward trend.
Growth driven by tourism and investment
The report attributes the street’s sustained financial health to the same factors that first signaled its recovery: the massive boom in tourism and the significant investment it has attracted.
Following a severe downturn where rents plunged to as low as €1,800 per square meter in 2013 (ranking the street 31st globally), the expansion of short-term rental platforms like Airbnb and the subsequent revitalization of the Athens city center have drawn major international firms to invest millions of euros.
This influx of capital and consumer traffic—from both locals and tourists—has restored Ermou’s reputation as a premium shopping destination.
Ermou Street stretches approximately one and a half kilometers, connecting Syntagma Square—the political heart of the city—to the historic Kerameikos area.
The street was one of the first roads planned in modern Athens after the establishment of the independent Greek state in 1832. Today, the central portion of Ermou, running from Syntagma to Monastiraki Square, is a fully pedestrianized zone, making it a continuous and vibrant hub for shoppers.
It serves as the main high street for international and major Greek retail chains, offering everything from fashion and cosmetics to electronics. The area is constantly busy, fueled by both local shoppers and the city’s robust tourist traffic, which supports its status as one of Europe’s most expensive retail locations
Global retail hierarchy
Globally, the top tier of retail dominance remains highly competitive, with the 2024 report generally placing the world’s most costly streets as follows:
- Fifth Avenue, New York City
- Via Montenapoleone, Milan
- Tsim Sha Tsui, Hong Kong
Ermou’s climb demonstrates Athens’ re-emergence as a major commercial capital in Southeast Europe, with its prime retail corridor commanding prices that compete with major fashion and business capitals.
