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Hong Kong Is The Most Expensive Retail Destination In Asia; Third In The World

Tsim Sha Tsui in Hong Kong is the world’s most expensive retail street according to a new report. Hong Kong ranks first in the Asia region.

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By Jianne Soriano Published on Nov 25, 2023, 02:00 PM

Hong Kong Is The Most Expensive Retail Destination In Asia; Third In The World

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 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: New York To Singapore: These Are The Most Expensive Cities To Live In For Renters

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Written By

Jianne Soriano

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.

 
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