Chiado is one of the most expensive shopping districts in the world. And the residents are the ones who pay

Armazéns do Chiado, shopping center in Lisbon

The Lisbon neighborhood is the 30th most expensive in the world. Rents are rising more and more — and so is the “appetite” of luxury stores for Portugal.

Chiado, in Lisbon, occupies 30th place in the da Cushman & Wakefield, Main Streets Across the Worldwhich analyzes the 138 most expensive streets in the world.

It dropped one position compared to 2023, but the increase in local rents, mostly considered “rents prime“, which now reach the historic mark of 1620 euros per square meterper year. This value places the Portuguese neighborhood in ninth place in the top 10 for rent increases in the world (with an increase of 8% compared to last year), highlights , which had access to a statement from the consultancy.

The director of the retail department at Cushman & Wakefield Portugal, João Esteveswrites in this statement that “the position that Chiado occupies, both in the global ranking and in the Top 10 for high rents in the world, is a reflection of the enormous demand from brands for top locations”.

“In Chiado and other locations prime in Portugal, especially in Lisbon and Porto, the high occupancy rate and low turnover end up justifying this price increase, something that the market accepts quite naturally, according to what we have seen”, says the director of the Portuguese consultancy.

The main sector that was installed in Chiado this year is catering, which occupies more than half of the area acquired, followed by fashion, which occupies 20% of the space acquired this year. In recent years, there have been 50 new openings in Chiado, which occupied 5800 square meters.

But Portugal is still a long way from having the most expensive space in the world — and residents are grateful, as the local price is very high.

In the top 1 of the consultant’s ranking is Via Montenapoleone, in Milan, where rents have increased by almost a third in the last two years. Italy has surpassed, now the iconic Fifth Avenue, New Yorkthe first time that a European street comes first in the consultant’s analysis.