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Economy

Bank of Greece: Prime Office Prices Off 0.2% in H2 2020

ATHENS — The rate of change for prime office prices for the entire country stood at -0.2 pct and for office rents at 0.8 pct in the second half of 2020 compared with the first half of 2020, the Bank of Greece said in a report released on Monday.

The central bank said that in the second half of 2020 the rate of change for prime retail prices for the entire country stood at 0.0 pct and for retail rents at 0.6 pct, compared with the first half of 2020.

According to provisional data, in 2020 nominal prime office prices for the entire country increased on average by 1.2 pct relative to 2019, against an increase of 3.9 pct in 2019. Broken down by region, in 2020 nominal prime office prices increased on average by 2.2 pct in Athens, decreased by 0.3 pct in Thessaloniki and increased by 0.2 pct in the rest of Greece. In the second half of 2020, nominal prime office prices decreased by 0.2 pct at country level compared with the first half of 2020 (provisional data). In the second half of 2019 as well as the first half of 2020 prime office prices increased by 1.6 pct and 0.5 pct, respectively, compared with the previous half-years (revised data). According to regional data, in the second half of 2020 nominal prime office prices increased by 0.6 pct in the greater Athens area, while they decreased by 0.9 pct in Thessaloniki and by 1.1 pct in the rest of Greece, compared with the first half of 2020. In 2020, nominal office rents at country level decreased οn average by 1.1 pct (provisional data). Broken down by region, office rents decreased on average by 2.4 pct in Athens, increased by 1.3 pct in Thessaloniki and decreased by 0.1 pct in the rest of Greece. In the second half of 2020, office rents for the entire country increased by 0.8 pct compared with the first half of 2020 (provisional data). The respective rates of change were -0.3 pct in the second half of 2019 and -1.3 pct in the first half of 2020 (revised data).

According to provisional data, in 2020 nominal prime retail prices increased on average by 2.1 pct relative to 2019 at a country level, against an increase of 7.0 pct in 2019. Broken down by region, in 2020, nominal prime retail prices increased, on average, by 1.6 pct in Athens, 5.4 pct in Thessaloniki and 2.0 pct in the rest of Greece.

In the second half of 2020, nominal prime retail prices remained unchanged compared with the previous half-year at a country level (provisional data). The corresponding rates of change were 2.1 pct in the second half of 2019 and 1.0 pct in the first half of 2020 (revised data). According to regional data, in the second half of 2020, nominal prime retail prices increased by 0.2 pct in the greater Athens area, decreased by 0.7 pct in Thessaloniki and increased by 0.1 pct in the rest of Greece, compared with the first half of 2020.

In 2020, retail rents for the entire country decreased on average by 0.6 pct in nominal terms (provisional data). Broken down by region, the corresponding average annual rates of decrease were 1.5 pct in Athens and 0.8 pct in Thessaloniki, whilst in the rest of Greece a growth of 0.3 pct was recorded.

In the second half of 2020, retail rents for the entire country increased by 0.6 pct compared with the first half of 2020 (provisional data). The respective rates of decrease were 0.3 pct in the second half of 2019 and 0.9 pct in the first half of 2020 (revised data).

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