It’s no surprise that shopping and rent don’t come cheap in Hong Kong. And commercial real estate services firm, Cushman & Wakefield just confirmed that. In its Main Streets Across the World report, the city took the third spot as the world’s most expensive retail destination.
To be precise, Tsim Sha Tsui ranked third when it comes to the priciest retail street in the world. Hong Kong landed the spot after New York’s Fifth Avenue and Milan’s Via Montenapolene, making it the most expensive retail destination in Asia.
Hong Kong dominates in Asia when it comes to high retail cost
The Main Streets Across the World report “explores the near-term outlook for the retail sector” according to their website. They also look at the trends across prime retail destinations around the world including rental rates.
In Asia, Japan’s Ginza took the sixth spot while South Korea’s Myeongdong landed in the ninth place. Shanghai’s West Nanjing Road and Singapore’s Orchard Road ranked eleventh and twelfth respectively.
Causeway Bay and Central in Hong Kong also dominated in rankings in the Asia Pacific region. In 2021, Tsim Sha Tsui took the top spot and then fell to second place the following year. Rental costs in Tsim Sha Tsui costs USD 1,439 (HKD 11,218) per square foot per year which is a 39 per cent drop from pre-pandemic levels.
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One of the most expensive cities in the world
Hong Kong is well known for being an expensive city with high rental costs. A study done by credit and insurance service money.co.uk in 2021 revealed that Hongkongers spend half of their monthly earnings on rental costs, the highest percentage in the world.
While there may be some difference in rankings depending on the study, Hong Kong has continuously claimed the top five spot when it comes to the most expensive cities to live in.
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This story first appeared here.
(All images credit: IQRemix/Flickr)
Related: Singapore Has The Highest Prices And Rent For Private Homes In Asia Pacific
Written By
Jianne Soriano
An introvert at heart, Jianne expresses herself best through her writing. Her passion lies in covering food and dining, music and entertainment, and arts and culture. When she's not writing, you can find her visiting art exhibitions, watching movies or Korean dramas, or travelling solo.
