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Moscow shopping street stays in 'Top-20 most expensive street' list

Moscow's popular shopping street Stoleshnikov Lane remains in the Top-20 world's most expensive streets list in 2018

MOSCOW, November 14 / TASS / Moscow's popular shopping street Stoleshnikov Lane remains in the Top-20 world's most expensive streets list in 2018, international consulting company Cushman & Wakefield said in their "Main Streets of the World" report on Wednesday.

Stoleshnikov took the 18th spot, down two from 2017.

The rating compared the indicators of the average rental rate of the 446 most expensive streets in 65 countries of the world, explained the press service of the company. According to Cushman & Wakefield, the average rental rate in Stoleshnikov Lane was 2700 euro per square meter per year.

"Historically premium Stoleshnikov Lane is undergoing changes due to changes in the demographic composition and stricter parking rules, which has played a major role. Improvement of other central streets significantly affects the metropolitan retail market and will create new expensive areas in the future," the study said.

The top three streets in the ranking have also changed compared to last year. For example, for the first time in five years, Fifth Avenue in New York City has fallen to the #2 spot, due to a decline in rental rates from $3000 to $2300 per square foot per year. First place in 2018 went to Hong Kong Causeway Bay with an indicator of $2700 per square foot. The third spot belongs to London's New Bond Street with a rental rate of $1800 per square foot per year.

Stoleshnikov Lane (Pereulok) is a short street less than two kilometers away from the Kremlin, full of luxury stores and boutiques.