Bulgarian capital Sofia's luxurious Vitosha boulevard has been ranked 59th among the world's most expensive shopping streets, according to letting agents Cushman & Wakefield's Main Streets Across the World report.

Compared to last year's list, Vitosha has dropped seven spots in line with a trend, which has been going since 2009 when the crisis dealt its first hard blows.

The Vitosha boulevard has become less attractive due to the recent repair works taking place there, as well as the abundance of newly-built shopping malls in Sofia.

In the latest Cushman & Wakefield's report rental levels on Vitosha Street per square meter are down by 20% over last year and stand at EUR 480, compared with top ranking Causeway Bay, Hong Kong at EUR 22,307 and Fifth Avenue, New York at EUR  21,204.

After 11 years at the top, New York's Fifth Avenue has lost its place as the world's most expensive retail destination to Hong Kong's Causeway Bay, according to the report.

The largest and most established luxury markets in Europe can be found in Paris, London and Milan. In terms of the number of luxury retail units on Europe's top streets, Paris is the largest market with 209 luxury stores, compared to Milan with 138 and London 162.

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