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Commercial property indices: 2020 H2

14/06/2021 - Press Releases

 

  • In 2020 H2, the rate of change for prime office prices for the entire country stood at
    -0.2% and for office rents at 0.8%, compared with 2020 H1.
  • In 2020 H2, the rate of change for prime retail prices for the entire country stood at 0.0% and for retail rents at 0.6%, compared with 2020 H1.

 

  1. Office indices

According to provisional data, in 2020 nominal prime office prices for the entire country increased on average by 1.2% relative to 2019, against an increase of 3.9% in 2019. Broken down by region, in 2020 nominal prime office prices increased on average by 2.2% in Athens, decreased by 0.3% in Thessaloniki and increased by 0.2% in the rest of Greece.

In the second half of 2020, nominal prime office prices decreased by 0.2% 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% and 0.5% 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% in the greater Athens area, while they decreased by 0.9% in Thessaloniki and by 1.1% 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% (provisional data). Broken down by region, office rents decreased on average by 2.4% in Athens, increased by 1.3% in Thessaloniki and decreased by 0.1% in the rest of Greece.

In the second half of 2020, office rents for the entire country increased by 0.8% compared with the first half of 2020 (provisional data). The respective rates of change were -0.3% in the second half of 2019 and -1.3% in the first half of 2020 (revised data).

  1. Retail indices

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

In the second half of 2020, nominal prime retail prices remained unchanged compared with the previous half-year at country level (provisional data). The corresponding rates of change were 2.1% in the second half of 2019 and 1.0% 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% in the greater Athens area, decreased by 0.7% in Thessaloniki and increased by 0.1% 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% in nominal terms (provisional data). Broken down by region, the corresponding average annual rates of decrease were 1.5% in Athens and 0.8% in Thessaloniki, whilst in the rest of Greece a growth of 0.3% was recorded.

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

 

INDICES OF COMMERCIAL PROPERTY PRICES AND RENTS

(levels and changes over previous period)

 

2019

2020*

2019

2020*

Η1

Η2

Η1*

Η2*

Ι. OFFICE PRICE INDEX (2010=100)

Total

Index

80.3

81.2

79.6

80.9

81.3

81.1

% change

3.9

1.2

2.1

1.6

0.5

-0.2

a. Athens

Index

83.6

85.5

82.6

84.6

85.2

85.7

% change

5.0

2.2

2.7

2.5

0.7

0.6

b. Thessaloniki

Index

72.2

72.0

71.6

72.8

72.3

71.6

% change

2.8

-0.3

0.1

1.7

-0.7

-0.9

c. Rest of Greece

Index

78.2

78.3

77.9

78.4

78.8

77.9

% change

2.9

0.2

1.8

0.6

0.4

-1.1

ΙΙ. OFFICE RENT INDEX (2010=100)

Total

Index

75.1

74.3

75.2

75.0

74.0

74.6

% change

2.3

-1.1

2.3

-0.3

-1.3

0.8

a. Athens

Index

75.8

74.0

75.7

75.8

73.8

74.1

% change

2.8

-2.4

2.5

0.2

-2.7

0.4

b. Thessaloniki

Index

80.9

82.0

80.6

81.3

81.3

82.7

% change

3.4

1.3

2.9

0.9

0.1

1.6

c. Rest of Greece

Index

73.2

73.2

73.7

72.8

72.8

73.6

% change

1.5

-0.1

1.9

-1.1

-0.1

1.1

ΙΙΙ. RETAIL PRICE INDEX (2010=100)

Total

Index

81.1

82.8

80.2

81.9

82.7

82.8

% change

7.0

2.1

4.1

2.1

1.0

0.0

a. Athens

Index

81.7

83.0

81.5

81.9

82.9

83.1

% change

8.1

1.6

5.1

0.4

1.3

0.2

b. Thessaloniki

Index

77.8

82.0

75.2

80.4

82.3

81.7

% change

9.2

5.4

4.7

7.0

2.3

-0.7

c. Rest of Greece

Index

80.9

82.6

79.5

82.4

82.5

82.6

% change

4.7

2.0

2.2

3.7

0.2

0.1

ΙV. RETAIL RENT INDEX (2010=100)

Total

Index

62.4

62.0

62.4

62.3

61.7

62.1

% change

1.0

-0.6

1.4

-0.3

-0.9

0.6

a. Athens

Index

61.3

60.4

61.5

61.2

60.4

60.5

% change

-0.1

-1.5

0.9

-0.5

-1.3

0.2

b. Thessaloniki

Index

66.6

66.1

65.9

67.3

66.4

65.8

% change

0.8

-0.8

0.6

2.0

-1.4

-0.9

c. Rest of Greece

Index

62.8

63.0

63.0

62.6

62.5

63.5

% change

2.9

0.3

2.6

-0.6

-0.2

1.7

*Provisional data.

Source: Bank of Greece.

Related Information:

1. Detailed tables on retail and office prices and rents by geographical area are published in the “Bulletin of Conjunctural Indicators” (Tables ΙΙ.9, ΙΙ.10, ΙΙ.11 and ΙΙ.12) and are also available on the Bank of Greece website under the “Real Estate Market” section.

2. For the purposes of monitoring and analysing the commercial property market, the Real Estate Market Analysis Section of the Bank of Greece compiles office and retail property indices, using data from credit institutions (Bank of Greece Executive Committee Act 23/26.07.2013) and Real Estate Investment Companies – REICs (Bank of Greece Executive Committee Act 9/10.01.2013) operating in Greece, as well as data from other sources, e.g. private real estate consultants, portfolio managers, real estate developers, real estate brokers and public sector entities. The data are collected on a biannual basis and include valuations, rents, transactions, investments and yields of commercial property and commercial property asset portfolios.

3. Indices are published on a biannual basis (base year: 2010). They concern office and retail uses and refer to price levels of prime investment property and rent levels of the prime and upper secondary market. It should be noted that price indices are valuation-based and are therefore expected to show some lag, especially in cases of negative changes. Furthermore, values tend to reflect sentiment and market expectations at the moment of the valuation, especially in periods of limited transactions.

4. Any differences between levels and percentage changes in the table are due to rounding.

 

Related links:

Residential and commercial property price indices and other short-term indices

Machine-readable data sets (Open Data): Real Estate Market

 


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