The most expensive luxury street in the world is Via Monte Napoleone in Milan

Milan has reached a prestigious milestone: Via Monte Napoleone is officially the most expensive luxury street in the world, even surpassing the legendary Fifth Avenue in New York. This has been confirmed by a report containing figures and analyses that consolidate its status as the Italian capital of fashion and of ‘Made in Italy’ products. But how did this wealth come about?

To understand the reason for this, we need to go back in time to 1985, the year in which the famous advertising slogan ‘Milano da bere’ (literally, ‘Milan is there for the drinking’) transformed the image of the growing metropolis into an icon of style and dynamism. During these years fashion re-established its partnership with the city’s architectural beauties. Forty years later, investors from all over the world are willing to pay staggering amounts of money to rent a space among the glossy streets of the Quadrilatero della Moda (Fashion District). Let’s find out more about this industry, which is fundamental for the economy and image of the country.

The ranking and how much the shopping streets cost

According to the report ‘Main Streets Across the World’ by Cushman & Wakefield, Via Montenapoleone in Milan is the most expensive street on the planet for luxury retail, with rents reaching €20,000 per square metre per year. These figures place the Lombardy capital at the top of the world ranking. Almost double what one would spend in Paris, as can be seen from the ranking of the top five locations:

• Via Monte Napoleone, Milan: €20,000 per square metre
• Fifth Avenue, New York: €19,537 per square metre
• New Bond Street, London: €17,210 per square metre
• Tsim Sha Tsui, Hong Kong: €15,697 per square metre
• Avenue des Champs-Élysées, Paris: €12,519 per square metre.

This result comes after decades of investment in the fashion, communication and retail real estate sectors. So, it’s no coincidence that the most expensive shopping street is in Milan. Let’s see why.

Why is Milan known as the city of fashion?

The roots of Italian fashion can be traced back to the ancient tradition of artisan textiles, which gave rise to the first centres of excellence and industrial districts in Northern Italy. The beginning of modern fashion, on the other hand, is considered to be in Florence, where in 1951 Giovanni Battista Giorgini organised the First Italian High Fashion Show, a fashion show that presented the creations of the best ateliers in the country. The following year, in the prestigious Sala Bianca of Palazzo Pitti, Italian fashion found international recognition, placing Florence at the centre of the scene.

Meanwhile, Milan was already taking its first steps towards its destiny as the fashion capital. In the ‘50s and ’60s, the city established itself as the centre of prêt-à-porter, a sector that transformed fashion into an accessible and increasingly innovative market. The economic boom brought with it an explosion of creativity: in 1967, Elio Fiorucci opened his first shop in Galleria Passarella, introducing a transgressive and bright style that attracted the young Milanese. Meanwhile, Mila Schön dressed the city’s bourgeoisie in elegant and minimalist garments, a symbol of refinement and simplicity.

Between the ‘70s and “80s, Milan definitively established itself as the world capital of fashion thanks to the success of the so-called “Three Gs”, three great designers:

• Giorgio Armani, with his minimalist and sophisticated style;
• Gianfranco Ferré, master of elegance and architectural structures;
• Gianni Versace, synonymous with sensuality and innovation.

Milanese fashion became a cultural and commercial phenomenon, appearing in the pages of iconic magazines such as Grazia, Amica, Vogue, Cosmopolitan, Rakam and Annabella. The spotlight also fell on the historic buildings and other structures that could be used to set up ateliers, display windows and promote collections. Properties began to increase in value, were converted into luxury stores and attracted more and more investors. The turnover grew: after half a century it was worth billions of euros and represented a significant part of the Italian economy.

Why Montenapoleone beat New York

In 2024, Milan recorded the highest ever real estate transaction in Italy for a single asset: in April, a property located at 8 Via Monte Napoleone was sold for a record 1.3 billion euros. This sensational event occurred in the same year in which the Italian fashion retail sector recorded a growth of 3%. Italy’s luxury shopping streets continue to be an attractive market, thanks also to the presence of historic buildings, monuments and artistic masterpieces of great international appeal.

Article translated by Jasmina Towers

Tag

Luxury Real Estate

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