Commercial property indices: 2023 H2

13/06/2024 - Press Releases

- In 2023, the average annual rate of change for prime office prices for the entire country stood at 5.9% and for office rents of all classes at 6.2%.

- In 2023 H2, the rate of change for prime office prices for the entire country stood at 2.1% and for office rents of all classes at 1.5%, compared with 2023 H1.

- In 2023, the average annual rate of change for prime retail prices for the entire country stood at 6.9% and for retail rents of all classes at 5.7%.

- In 2023 H2, the rate of change for prime retail prices for the entire country stood at 2.4% and for retail rents of all classes at 1.1%, compared with 2023 H1.

1. Office indices

According to provisional data, in 2023 prime office prices (in nominal terms) for the entire country increased on average by 5.9% relative to 2022, against an increase of 3.6% in 2022. Broken down by region, in 2023 prime office prices increased on average by 5.7% in Athens, 2.2% in Thessaloniki and 6.9% in the rest of Greece.

In the second half of 2023, prime office prices increased by 2.1% at country level compared with the first half of 2023 (provisional data). According to revised data, in the second half of 2022, prime office prices increased by 3.8% compared with the previous half-year, whereas in the first half of 2023 they increased respectively by 2.9%. Broken down by region, in the second half of 2023 prime office prices increased by 2.9% in the greater Athens area, by 0.1% in Thessaloniki and by 1.3% in the rest of Greece, compared with the first half of 2023.

In 2023, office rents of all classes, for the entire country, increased οn average by 6.2% in nominal terms (provisional data). Broken down by region, the corresponding average annual rate of increase in rents was 6.0% in Athens, 7.8% in Thessaloniki and 6.1% in the rest of Greece.

In the second half of 2023, office rents for the entire country increased by 1.5% compared with the first half of 2023 (provisional data). The respective rates of change were 2.0% in the second half of 2022 and 4.4% in the first half of 2023 (revised data).

2. Retail indices

According to provisional data, in 2023, prime retail prices (in nominal terms) increased on average by 6.9% at country level, relative to 2022, against an increase of 6.2% in 2022. Broken down by region, in 2023, the corresponding average annual rates of increase were 8.5% in Athens, 7.3% in Thessaloniki and 4.0% in the rest of Greece.

In the second half of 2023, prime retail prices increased by 2.4% compared with the previous half-year at country level (provisional data). The corresponding rates of change were 2.9% in the second half of 2022 and 4.1% in the first half of 2023 (revised data). According to regional data, in the second half of 2023, prime retail prices increased by 3.4% in the greater Athens area, 0.5% in Thessaloniki and 1.2% in the rest of Greece, compared with the first half of 2023.

In 2023, retail rents of all classes for the entire country increased on average by 5.7% in nominal terms (provisional data). Broken down by region, the corresponding average annual rates of increase were 6.2% in Athens, 5.3% in Thessaloniki and 5.2% in the rest of Greece.

In the second half of 2023, retail rents for the entire country increased by 1.1% compared with the first half of 2023 (provisional data). The respective rates of increase were 1.6% in the second half of 2022 and 4.3% in the first half of 2023 (revised data).

⁽¹⁾ Any inconsistencies between levels and percentage changes in the table are due to rounding

*Provisional data.

Source: Bank of Greece

Related Information:

1. 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 - operating in Greece (Bank of Greece Executive Committee Act 9/10.01.2013), 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.

2. Indices are published on a biannual basis (base year: 2010) and cover office and retail uses. Price indices represent prime investment property and are valuation-based and not actual transactions. Therefore, the respective indices are expected to show relative lag, especially in cases of negative changes. Furthermore, in periods of limited transactions, the values tend to reflect sentiment and market expectations at the moment of the valuation. Finally, it is noted that indices reflect price and rent levels at the end of each reference period.

3. The deviations in comparison to the previously published data (see Press Release: Commercial Property Indices – 2023 H1/19.12.2023) stem from partial updates in the methodology of estimating commercial property indices.

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