Sydney’s Pitt Street among world’s most expensive shopping strips, and other news

For PropertyGuru’s real estate news roundup, Sydney’s Pitt Street Mall has been ranked as one of the top ten most expensive shopping strips in the world. In other news, Bangkok’s shopping centre market showed an increase in consumer spending and foot traffic in the first half of 2024. Lastly, Vietnam has seen a 2.6 percent decline in newly established real estate companies over the past 11 months, but optimism remains as Vietnam attracts foreign investment in various sectors.

Sydney’s Pitt Street ranks among top shopping destinations
Sydney’s Pitt Street Mall has been ranked as one of the top ten most expensive shopping strips in the world, according to a new report released by Cushman & Wakefield. The report, featured in realcommercial.com, revealed Pitt Street Mall holds the eighth position globally, with rents reaching AUD14,000 per square metre annually. The retail precinct has maintained its allure due to its prime location and strong demand from luxury brands. New York’s Fifth Avenue retained its crown as the world’s priciest retail destination.
Bangkok’s retail market poised for growth in 1H 2024
Knight Frank Thailand’s latest report reveals a positive outlook for Bangkok’s shopping centre market in the first half of 2024. According to RETalk Asia, the report highlights the recovery of consumer spending and increasing foot traffic across major retail hubs. Several new shopping centres and expansions are expected to launch, further boosting the retail sector. Experts cite a combination of economic recovery and an influx of international tourists as key drivers for the sector’s resurgence.
Vietnam records 2.6 percent decline in new real estate firms
Vietnam has seen a 2.6 percent decline in newly established real estate companies over the past 11 months, according to data from the Ministry of Construction. VietnamPlus reports that in the same period, the real estate market faced challenges, including limited credit access and cautious investor sentiment. Experts suggest that supportive policies and economic reforms could help stabilise the market moving forward. Despite the decline, optimism remains as Vietnam attracts foreign investment in various sectors.
The Property Report editors wrote this article. For more information, email: [email protected].