İstiklal Street ranked 40th most expensive street worldwide

ISTANBUL

Istanbul’s İstiklal Street, known for its vibrant atmosphere and bustling shops, has ranked as the 40th most expensive retail street in the world, according to a recent survey by global real estate consultancy Cushman & Wakefield.

With its rent prices on the rise, the iconic street has become a focal point of attention, reflecting the growing demand and exclusivity of its retail offerings.

Shopkeepers have reported that the average cost of opening a new shop on İstiklal Street has reached a staggering 250,000 Turkish Liras ($7,216) monthly. One local barber shared concerns over the steep prices and stated, “I currently pay 30,000 liras in rent, but I expect it to rise to 45,000 liras by next year.”

Rising costs have already led to the closure of several longstanding businesses, including the historic Lebon Patisserie, which closed its doors after 212 years following a rent dispute.

The survey revealed that Via Monte Napoleone in Milan is the world’s most expensive street for retail rent, followed by New York’s Fifth Avenue and London’s New Bond Street. Other notable entries in the top 10 include Tsim Sha Tsui in Hong Kong, Avenue des Champs-Élysées in Paris, Ginza in Tokyo, Bahnhofstrasse in Zurich, Pitt Street Mall in Sydney, Myeongdong in Seoul and Kohlmarkt in Vienna.

Despite the high costs, İstiklal Street remains one of Istanbul’s busiest and most beloved shopping venues, attracting both locals and tourists. However, opinions on affordability vary.

A tourist remarked, “I wouldn’t say the street is expensive. You may need to bargain a bit, but it’s quite cheap for food and clothes.”

Retailers are now questioning how sustainable the rising rents will be for businesses that have historically defined the street’s charm and cultural significance.