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The priciest shopping street in the world is…?

Anyone who’s strolled down the Champs Elysées in Paris might not be surprised to hear that the famous avenue is Europe's most expensive retail location, according to a new study. But where does it rank on a global scale? Find out below.

The priciest shopping street in the world is...?
From appearances, the Champs Elysées in Paris might seem like the world's most expensive street. It's not. Find out which address takes that mantle, and at what price. Photo: Devin Kenna

The Champs Elysées, the main artery through the heart of Paris, is iconic for so many reasons, whether it's the Arc de Triomphe, Hitler’s march down the avenue in 1940, the spectacular annual finale of the Tour de France or its mammoth modern boutiques, where thousands of shoppers go each day to fill their boots.

There have even been songs written about it. But in recent years, it’s become notorious as a breathtakingly expensive address.

Despite what you may think, though, there are pricier streets on which to set up shop.

According to a new study by US-based real estate firm Cushman and Wakefield, published on Wednesday, the Champs Elysées is only the sixth-most expensive shopping street in the world, based on rent prices.

This year’s prize for priciest property goes, once again, to Causeway Bay in Hong Kong, the study.

The Asian thoroughfare beats Manhattan’s Fifth Avenue, after knocking it off the top in 2012. The Champs Elysées, comes in sixth – making it the most expensive retail address in Europe.

Despite an average yearly price of €13,255/sq. m ($1,601/sq. ft), France’s most famous address doesn’t even come close to the amount charged for top locations in Causeway Bay – which would, on average, set you back a staggering €24,983 for just a sq. metre ($3,017 per sq. foot).

And despite a whopping 38.5-percent rise in retail rents on the Champs Elysées since 12 months ago, New York’s world-famous Fifth Avenue is still nearly twice the price, with an average yearly rent of €20,702/sq. m ($2,500/sq. ft).

The rest of the top 10 is made of two other Hong Kong streets, and three others in New York city, including Times Square, Madison Avenue and East 57th Street.

New Bond Street in central London is in ninth place, with an average annual rent of €8,666/sq. m ($1,047/sq. ft), while Tokyo’s rounds off the top 10.

The French capital dominates the European listing, with five streets among the ten most expensive, including Rue du Faubourg St. Honoré, which is home to the British Embassy as well as a few chic boutiques and Place Vendôme.

Italian real estate, for its part, performed strongly this year, with Milan’s Via Montenapoleone ranking third in Europe, and three Rome addresses making the top ten, as seen below.

Looking for something a bit more affordable? Check out our France-wide rental listings.

Browse the study in full below, turning to page four for the top 10, and page six for a full list of each country’s most expensive addresses.

Main Streets Across the World 2013-2014 – Cushman & Wakefield by TheLocalFrance

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PROPERTY

Property taxes: How much will it cost to extend your French home?

Installing a swimming pool, building a garden shed, or adding a conservatory to your French home has become more expensive in 2023.

Property taxes: How much will it cost to extend your French home?

If you are planning a renovation project in 2023 you’re likely looking at rising cost for materials and labour due to inflation – but there is one other cost to consider; taxes. 

In France there is a one-off tax that has to be paid on certain building works, and the government has raised the rate for this.

The taxe d’aménagement, sometimes referred to as the garden shed tax, applies to all property development – construction, reconstruction and extension – of buildings that require planning permission or a building permit.

Garden sheds, swimming pools or extensions with a surface area of more than 5 square metres are subject to the development tax – although a 50 percent reduction is applied to the flat-rate values of certain buildings, particularly the first 100 square metres of main residences.

READ ALSO Everything you need to know about installing a swimming pool at your French property

The tax is collected by local councils, who set their own percentage rates for the tax, working off the base rate set by the government.

A decree published in the Journal Officiel set the base figures for 2023 at the following rates: 

  • €1,004 per square metre in Île-de-France (up from €929 per square metre in 2022);
  • €886 per square metre outside Île-de-France (€820 per square metre in 2022).

The flat-rate values per square metre of building space, which constitute the basis for the development tax, are revised on January 1st of each year according to the latest construction cost index published by national statistics body Insee. 

Additionally, specific rates are set for:

  • €250 per square metre  for a swimming pool (up from €200 in 2022);
  • €12 per square metre of ground-fixed solar panels (up from €10 in 2022);
  • €3,000 per wind turbine more than 12 metres high;
  • €3,000 per pitch for tents, caravans and mobile leisure homes;
  • €10,000 per pitch for a holiday chalet or bungalow.

The amount of the tax is calculated according to the following formula: 

(Taxable area multiplied by the government-set base figure) multiplied by the percentage tax rate set by the local authorities. This gives the total to be paid in cents. Bills are rounded down.

So, the tax for a 30 square metre extension in an area where the combined local and departmental tax rates total 6.25 percent would be calculated like this:

30 (the size of the development) x 886 (the base tax rate outside Ile-de-France) = 26,580

6.25 (local and departmental tax) x 26,580 = 166,125 cents, more usually expressed as €1,661. 

If the total payable is less than €1,500, you will receive a bill in the six months after planning permission was granted, with details of how to pay.

Otherwise, it is paid in two instalments, 12 months and 24 months after authorisation, with a 10 percent surcharge applied in cases of late payments.

READ ALSO The hidden costs of owning property in France

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