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Economy

Prime Office Prices up 0.7% in H1, Bank of Greece Report Says

December 8, 2022

ATHENS – Nominal prime office prices for the entire country increased by 0.7% in the first half of 2022, compared with the second half of 2021, the Bank of Greece said on Thursday.

In a report, the central bank said that over the same period, nominal prime office prices increased by 2.0% in the greater Athens area and 0.4% in Thessaloniki, while they decreased by 0.9% in the rest of Greece. According to revised data, in 2021 the average annual growth rate of nominal prime office prices stood at 1.6% for the entire country. The corresponding average rates of change were 4.4% in Athens, 0.6% in Thessaloniki and -1.6% in the rest of Greece.

In the first half of 2022, office rents for the entire country increased by 0.9% compared with the second half of 2021 (provisional data). According to revised data, office rents increased by 2.9% in the first half of 2021 and 0.3% in the second half of 2021, compared with the previous half-year. In 2021, office rents increased at an average annual rate of 3.8%. According to provisional data, in the first half of 2022 nominal prime retail prices for the entire country increased by 2.4% compared with the second half of 2021. Over the same period, nominal prime retail prices increased by 3.1% in the wider Athens area, 1.4% in Thessaloniki and 1.5% in the rest of Greece, compared with the previous half-year.

In 2021 the average annual growth rate of nominal prime retail prices stood at 2.3% for the entire country, whereas the corresponding rates were 2.3% in Athens, 0.9% in Thessaloniki and 2.5% in the rest of Greece. In the first half of 2022, retail rents for the entire country increased by 2.5% compared with the second half of 2021 (provisional data). According to revised data, retail rents increased by 0.3% in the first half of 2021 and 1.4% in the second half of 2021, compared with the previous half-year. In 2021, retail rents increased at an average annual rate of 1.0%.

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