Ramat Aviv is Israel's most expensive mall

Tel Aviv mall ranks 35th on list of most expensive shopping destination published by global real estate consultant Cushman & Wakefield. New York's Fifth Avenue tops ranking

News agencies |Published: 10.02.10 , 08:03

Tel Aviv's Ramat Aviv Mall is the most expensive shopping destination in Israel, according to an annual report of global real estate consultant Cushman & Wakefield, which reviewed rent prices in global commercial centers over a year.

Fifth Avenue in New York topped the ranking with an average rent of €16,257 ($21,800) per square meter. Second was Hong Kong’s Causeway Bay with an average rent of €14, 620 ($19,600) per square meter.

Ramat Aviv Mall was ranked 35th in the world, down from last year's 29th spot, with an average €1,346 ($1,804) per square meter.

In the Africa and Middle East region, Ramat Aviv Mall came in second after Beirut's city center, which charges €1,470 ($1,970) per square meter. Ramat Gan's Ayalon Mall was ranked 8th in the region with an average rent of €967 ($1,300) per square meter.

The report reveals that Europe recorded a 4.4% in rent prices compared to last year. The list of most expensive commercial locations in Europe is led by New Bond Street in London, which was ranked fourth in the general list, with an average rent of €7,345 ($9,847) per square meter.

London's famous Oxford Street came was ranked ninth in Europe with an average rent of €4,764 ($6,387) per square meter. Avenue des Champs Elysées in Paris was second in Europe, thanks to an average rent of €6,996 ($9,379) per square meter.

The report noted that rent prices in Israel remained stable over the reviewed 12 months, although a price hike is possible on the backdrop of the high demand and limited supply in the city centers. In addition, the Israeli economy continues to attract international chains and leading brands are opening flagship stores in central locations.