Beirut most expensive Arab retail
Lebanon ranked 33rd most expensive retail rental worldwide
At €1,281 (approximately $1,890) per square meter in June 2009, Beirut ranked as the most expensive rental retail market in the Arab region – ahead of Damascus (approximately $1,260 in Cham Center), Dubai (approximately $1,230 per square meter), and Amman (approximately $788 per square meter). The most expensive location within Beirut lies in the city center (BCD). It is followed by known retail destinations, such as ABC Mall in Ashrafieh, which registered rental prices of approximately $1,400 per square meter and Verdun Street that registered a retail rental rate of approximately $1,300 per square meter. The report predicts that the opening of Beirut Souks might yet set new benchmarks in the retail rental market. Beirut ranked top among the ten Arab cities that were included in the Cushman & Wakefield Main Streets across the World 2009 Report: Kuwait City, Damascus, Dubai, Manama, Doha, Cairo, Amman, Riyadh, and Muscat. Kuwait City was the next most expensive city, with a retail rental price of around $1,300 per square meter, while Muscat closed the list at only $409 per square meter of retail space. Beirut’s rental prices are still lower than the global average of €1,629 (approximately $2,402) but almost three times higher than the Middle East & Africa average of €674 (about $994) per square meter, making it the 33rd most expensive retail city worldwide, up from 43rd most expensive city in 2008. The report attributes this increase in the retail rental prices to positive growth in retail sales, which drove rental prices up. The report evaluated retail rental prices in 274 streets in 48 countries around the world.
Date Posted: Oct 14, 2009