London’s New Bond Street Tops 2025’s Most Expensive Streets List

The latest report by Cushman & Wakefield reveals that London’s New Bond Street has secured its position as the most expensive high street destination in the world for 2025. This prestigious title reflects a renewed interest in luxury retail as global travel rebounds following the pandemic, which has significantly impacted the tourism industry.

According to the report, global average rental growth on main streets has increased by 4.2 percent, highlighting the resurgence of cities as travel hotspots. London’s New Bond Street boasts an impressive annual rental value of USD 2,231 per square metre, surpassing notable competitors like Milan’s Via Montenapoleone and New York’s Upper Fifth Avenue, which rank second and third, respectively.

The full ranking showcases the ongoing allure of prime retail locations. Following London, Milan’s Via Montenapoleone, known for its high-end fashion boutiques, has an annual rental value of approximately USD 1,746 per square metre. New York’s Upper Fifth Avenue, a historic hub of luxury shopping, rounds out the top three with a rental value of USD 1,645 per square metre.

Additional findings from the Cushman & Wakefield report indicate that Dubai Mall’s Fashion Avenue is the only street from the Middle East to make the list, further emphasizing the region’s growing status in the global retail landscape. The presence of Dubai on this list reflects its evolving identity as a major shopping destination, attracting tourists and residents alike.

The impact of these trends is not just limited to commercial landlords but extends to local economies reliant on tourism and retail. As cities recover, the demand for prime retail spaces is expected to continue to rise, resulting in increased competition among global cities.

In summary, London’s New Bond Street is poised to maintain its status as a leader in luxury retail, with Milan and New York closely trailing behind. The ongoing evolution of urban retail landscapes highlights the resilience of the industry and the significant role that location plays in determining rental values. As cities adapt to post-pandemic realities, the dynamics of high street retail remain a vital indicator of economic vitality and consumer confidence.