Khan Market is the most expensive retail destination in India. But now, it has moved up by three positions to become the 21st most expensive destination in world.

The global survey was done by real estate consultant, Cushman & Wakefield. It provides for a barometer of tracking the retail sector and studies and tracks the rents related to the sector. The study considers 269 shopping locations across 59 countries.

As per the study, New York’s Fifth Avenue continued to be the most expensive in terms of shopping in world. It was followed by Hong Kong’s Causeway and Ginza in Tokyo, Japan.

Japan has replaced London, Paris and Milan to reach to this position.

Meanwhile, in terms of loss also it was an Indian destination that lost the most. 38 per cent decline was seen in the rental value erosion of Basant Lok in NCR region. Greater Kailash-I and South Extension also saw a decline of 10 per cent and 12 per cent respectively.

Khan Market, on the other hand, has seen an increase of 15 per cent during 2009-10.

The report also showed that Delhi and Mumbai are seeing higher rates of growth as compared to other markets in the world.