According to real estate services firm Cushman & Wakefield, rents on Avda. Jaume III in Palma have risen on average by ten per cent over the past year.
At 1,260 euros per square metre per year, Jaume III is one of Spain's most expensive shopping streets in terms of rent. This said, it has a long way to go to match the most expensive.
On Passeig de Gràcia in Barcelona, the rent is typically 3,180 euros per square metre per year, the 16th highest in the world.
The 34th edition of Main Streets Across the World indicates that Jaume III is the twelfth most expensive street in Spain.
The world ranking is headed by Via Montenapoleano in Milan at 20,000 euros per square metre per year. It is followed by Fifth Avenue in New York, with 1.95 million euros in annual rent for a 100-square-metre premises.