Commercial property indices: 2022 H2
22/06/2023 - Press Releases
- In 2022, the average annual rate of change for prime office prices for the entire country stood at 2.6% and for office rents of all classes at 1.6%.
- In 2022 H2, the rate of change for prime office prices for the entire country stood at 2.2% and for office rents at 1.1%, compared with 2022 H1.
- In 2022, the average annual rate of change for prime retail prices for the entire country stood at 5.0% and for retail rents of all classes at 4.6%.
- In 2022 H2, the rate of change for prime retail prices for the entire country stood at 2.4% and for retail rents at 1.8%, compared with 2022 H1.
1. Office indices
According to provisional data, in 2022 nominal prime office prices for the entire country increased on average by 2.6% relative to 2021, against an increase of 1.7% in 2021. Broken down by region, in 2022 nominal prime office prices increased on average by 5.1% in Athens, 2.7% in Thessaloniki, while they decreased by 0.6% in the rest of Greece.
In the second half of 2022, nominal prime office prices increased by 2.2% at country level compared with the first half of 2022 (provisional data). In the second half of 2021, prime office prices increased by 1.2% compared with the previous half-year, whereas in the first half of 2022 they increased by 0.9% (revised data). According to regional data, in the second half of 2022 nominal prime office prices increased by 3.7% in the greater Athens area, by 1.6% in Thessaloniki and marginally by 0.3% in the rest of Greece, compared with the first half of 2022.
In 2022, nominal office rents of all classes, for the entire country, increased οn average by 1.6% in nominal terms (provisional data). Broken down by region, the corresponding average annual rate of increase in rents was 2.7% in Athens, 5.9% in Thessaloniki, while a decrease of 0.5% was recorded in the rest of Greece.
In the second half of 2022, office rents for the entire country increased by 1.1% compared with the first half of 2022 (provisional data). The respective rates of change were 0.6% in the second half of 2021 and 0.8% in the first half of 2022 (revised data).
2. Retail indices
According to provisional data, in 2022, nominal prime retail prices increased on average by 5.0% at country level, relative to 2021, against an increase of 2.5% in 2021. Broken down by region, in 2022, the corresponding average annual rates of increase were 6.9% in Athens, 2.7% in Thessaloniki and 2.6% in the rest of Greece.
In the second half of 2022, nominal prime retail prices increased by 2.4% compared with the previous half-year at country level (provisional data). The corresponding rates of change were 1.9% in the second half of 2021 and 2.8% in the first half of 2022 (revised data). According to regional data, in the second half of 2022, nominal prime retail prices increased by 3.2% in the greater Athens area and 1.5% in Thessaloniki and the rest of Greece, compared with the first half of 2022.
In 2022, retail rents of all classes for the entire country increased on average by 4.6% in nominal terms (provisional data). Broken down by region, the corresponding average annual rates of increase were 4.6% in Athens, Thessaloniki as well as the rest of Greece.
In the second half of 2022, retail rents for the entire country increased by 1.8% compared with the first half of 2022 (provisional data). The respective rates of increase were 1.5% in the second half of 2021 and 2.9% in the first half of 2022 (revised data).
| INDICES OF COMMERCIAL PROPERTY PRICES AND RENTS |
| (levels and changes over previous period) |
| | 2021 | 2022* | 2021 | 2022* |
| Η1 | Η2 | Η1* | Η2* |
| Ι. OFFICE PRICE INDEX (2010=100) |
| Total |
| Index | 82.6 | 84.8 | 82.1 | 83.1 | 83.9 | 85.7 |
| % change | 1.7 | 2.6 | 1.1 | 1.2 | 0.9 | 2.2 |
| a. Athens |
| Index | 89.4 | 93.9 | 88.5 | 90.3 | 92.2 | 95.6 |
| % change | 4.4 | 5.1 | 2.9 | 2.1 | 2.1 | 3.7 |
| b. Thessaloniki |
| Index | 72.5 | 74.4 | 72.1 | 72.8 | 73.8 | 75.0 |
| % change | 0.6 | 2.7 | 0.6 | 0.9 | 1.4 | 1.6 |
| c. Rest of Greece |
| Index | 77.1 | 76.7 | 77.1 | 77.2 | 76.6 | 76.8 |
| % change | -1.5 | -0.6 | -1.0 | 0.2 | -0.8 | 0.3 |
| ΙΙ. OFFICE RENT INDEX (2010=100) |
| Total |
| Index | 77.5 | 78.7 | 77.2 | 77.7 | 78.3 | 79.1 |
| % change | 3.9 | 1.6 | 2.9 | 0.6 | 0.8 | 1.1 |
| a. Athens |
| Index | 76.2 | 78.3 | 75.9 | 76.5 | 77.5 | 79.1 |
| % change | 2.8 | 2.7 | 1.9 | 0.8 | 1.2 | 2.1 |
| b. Thessaloniki |
| Index | 86.5 | 91.6 | 86.0 | 87.1 | 91.1 | 92.2 |
| % change | 5.2 | 5.9 | 3.6 | 1.2 | 4.6 | 1.2 |
| c. Rest of Greece |
| Index | 77.0 | 76.6 | 76.8 | 77.1 | 76.6 | 76.5 |
| % change | 5.0 | -0.5 | 3.8 | 0.3 | -0.6 | -0.2 |
| ΙΙΙ. RETAIL PRICE INDEX (2010=100) |
| Total |
| Index | 85.2 | 89.5 | 84.4 | 86.1 | 88.5 | 90.6 |
| % change | 2.5 | 5.0 | 1.3 | 1.9 | 2.8 | 2.4 |
| a. Athens |
| Index | 85.5 | 91.4 | 84.2 | 86.8 | 90.0 | 92.8 |
| % change | 2.4 | 6.9 | 0.6 | 3.1 | 3.7 | 3.2 |
| b. Thessaloniki |
| Index | 83.5 | 85.7 | 83.3 | 83.6 | 85.1 | 86.4 |
| % change | 1.2 | 2.7 | 0.9 | 0.4 | 1.7 | 1.5 |
| c. Rest of Greece |
| Index | 85.4 | 87.6 | 85.1 | 85.6 | 86.9 | 88.2 |
| % change | 3.1 | 2.6 | 2.5 | 0.6 | 1.6 | 1.5 |
| ΙV. RETAIL RENT INDEX (2010=100) |
| Total |
| Index | 62.4 | 65.3 | 62.0 | 62.9 | 64.7 | 65.9 |
| % change | 1.1 | 4.6 | 0.3 | 1.5 | 2.9 | 1.8 |
| a. Athens |
| Index | 61.0 | 63.8 | 60.4 | 61.6 | 63.2 | 64.4 |
| % change | 1.3 | 4.6 | 0.2 | 1.9 | 2.6 | 2.0 |
| b. Thessaloniki |
| Index | 67.1 | 70.1 | 66.4 | 67.7 | 69.2 | 71.1 |
| % change | 1.3 | 4.6 | 0.7 | 1.9 | 2.2 | 2.7 |
| c. Rest of Greece |
| Index | 63.4 | 66.3 | 63.1 | 63.6 | 65.8 | 66.7 |
| % change | 0.7 | 4.6 | 0.3 | 0.8 | 3.4 | 1.4 |
(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 analyzing 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.
Related links:
Residential and commercial property price indices and other short-term indices
Machine-readable data sets (Open Data): Real Estate Market