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This shopping street in Greece used to be the 10th most expensive in the world - take a look at it now

Mike Bird   

This shopping street in Greece used to be the 10th most expensive in the world - take a look at it now
Finance1 min read

ermou

Mike Bird, Business Insider

When you think of the world's most prosperous shopping streets, you probably don't think of Greece.

But back before the double whammy of the 2008 financial crisis and 2010-2012 eurozone crisis, Athens was home to some of the most prime retail space on the planet.

In 2012 Joe Weisenthal wrote a post about Ermou, which real estate firm Cushman & Wakefield said was the 10th most expensive in the world for retail space in 2007.

I thought I'd update Joe's post to see what had changed in the last three years - what I didn't realise is that I'm actually staying on the street in question. Like him, I never would have guessed this was once such a prosperous area.

The price of retail space in the area has fallen by nearly half since then and it's lost a lot of its former glory - take a look.

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