Prague's Pařížská street ranks among world’s most expensive in latest analysis
The grand Pařížská street has just ranked 17th in the latest analysis of the world’s most expensive streets, overtaking its old rival Na Příkopě.
The wide tree-lined boulevard nestled between Prague's Old Town Square, Jewish Quarter and the Vltava River is reminiscent of the city that it is named after – Paris. Pařížská is certainly no stranger to wealth – the street is home to designer boutiques and luxury brands such as Prada, Gucci, Louis Vuitton, Jimmy Choo, and Dior, housed in stately Art Nouveau buildings with façades combining historic features and decorative detail.
But now, according to the latest Main Streets Across the World report by real estate consulting firm Cushman & Wakefield, which compiles the world’s most expensive retail streets by prime rental value, it has been confirmed as the most expensive street in the Czech Republic and the 17th most expensive street worldwide.
Indeed, the Czech Republic is the only country in Central and Eastern Europe to make it into the top 20 this year, meaning that Pařížská is also the most expensive street in the entire Central and Eastern Europe region for the first time.
This is a turn of the tables as in the past decade, it has consistently come below nearby Na Příkopě street in the rankings. Pařížská only improved its ranking by one spot since the last report, which came out pre-pandemic, to reach 17th place – so how did it manage to beat its rival?
According to economist Lukáš Kovanda, the reason for the change of ranking was a fall in Na Příkopě’s rental prices rather than an increase in Pařížská’s. He told Czech media that Pařížská fared better than Na Příkopě during the Covid crisis, with rents falling by around 13 percent on the latter street.
17th place is the highest ever ranking for a Czech street, but it is not the first time it has been achieved – Na Příkopě landed in the same position in 2005.