Hong Kong now home to the world's most expensive shopping area

Hong Kong is home of the most expensive retail area in the world after a shop unit on Russell Street sold for $23 million.

According to Hong Kong property power broker, Sebastian Skiff, the expensive shopping street has out-priced New York’s Fifth Avenue for top spot.

“I think it is the most expensive store per square foot in the world today,” Skiff said. "[A single store] is currently on the market for about 400,000 Hong Kong dollars a month.”

The street which houses luxury brands such as Rolex, Gucci, Burberry and Cartier has landlords collecting the highest rents in the world.  Small stores need to make $10,000 per day to stay viable. When the lease finishes stores are expected to pay more or leave.

“Russell Street has transformed in the last two to three years going from more mass market orientated stores such as Levis and McDonalds etc,” he said.

However, luxury stores in Hong Kong can afford to pay sky high rent he added.

“Sales in Hong Kong are very, very strong… as a brand it is a great place to be.”

[Image via Flickr]