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Almaty avenue among world's most expensive streets

24 april 2014, 15:58
Yessentai Mall on Al-Farabi Avenue in Almaty. ©almaty-kazakhstan.net
Yessentai Mall on Al-Farabi Avenue in Almaty. ©almaty-kazakhstan.net

Al-Farabi Avenue in Almaty is in the 40th place among the most expensive streets in the world according to Cushman & Wakefield, Tengrinews reports citing Idea Lab.

Shopping space is the most dynamic segment of Almaty's real estate market. Renting a boutique in a building adjacent to a main street costs an average of around $50 per square meter a month. Renting a boutique in a large shopping mall costs several times more - as much as $140 per square meter.

The costs at Al-Farabi Avenue in Almaty were largely spurred by construction of a new luxury shopping mall - Yesentai Mall that have gathered luxury brands like Louis Vuitton, Burberry, Gucci, Ralph Lauren, Dolce & Gabbana, Fendi and Breitling under its roof.

In comparison to 2012, Almaty gained six lines in the ranking approaching Dubai and surpassing Budapest, Warsaw and Bangkok.

The list of the most expensive streets is lead by Hong Kong’s Causeway, where rent per square meter is $1,950 a month.

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