Commercial property indices: 2021 H1
13/12/2021 - Press Releases
- In 2021 H1, the rate of change for prime office prices for the entire country stood at
1.4% and for office rents at 2.7%, compared with 2020 H2.
- In 2021 H1, the rate of change for prime retail prices for the entire country stood at 1.1% and for retail rents at 0.9%, compared with 2020 H2.
- Office indices
According to provisional data, in the first half of 2021 nominal prime office prices for the entire country increased by 1.4%, compared with the second half of 2020. Over the same period, nominal prime office prices increased by 3.2% in the greater Athens area and 0.9% in Thessaloniki, while decreased by 0.6% in the rest of Greece.
According to revised data, in 2020 the average annual growth rate of nominal prime office prices stood at 1.2% for the entire country. The corresponding average growth rates were 2.3% in Athens, -0.2% in Thessaloniki and 0.2% in the rest of Greece.
In the first half of 2021, office rents for the entire country increased by 2.7% compared with the second half of 2020 (provisional data). According to revised data, office rents declined by 1.4% in the first half of 2020 and increased by 1.5% in the second half of 2020, compared with the previous half-year. In 2020, office rents decreased at an average annual rate of 0.8%.
- Retail indices
According to provisional data, in the first half of 2021 nominal prime retail prices for the entire country increased by 1.1% compared with the second half of 2020. Over the same period, nominal prime retail prices increased by 0.7% in the wider Athens area, 0.3% in Thessaloniki and 2.1% in the rest of Greece, compared with the previous half-year.
According to revised data, in 2020 the average annual growth rate of nominal prime retail prices stood at 2.5% for the entire country, whereas the corresponding average growth rates were 2.2% in Athens, 5.9% in Thessaloniki and 2.0% in the rest of Greece.
In the first half of 2021, retail rents for the entire country increased by 0.9% compared with the second half of 2020 (provisional data). According to revised data, retail rents decreased by 0.9% in the first half of 2020 and increased by 0.5% in the second half of 2020, compared with the previous half-year. In 2020, retail rents decreased at an average annual rate of 0.6%.
| INDICES OF COMMERCIAL PROPERTY PRICES AND RENTS |
| (levels and changes over previous period) |
| | 2019 | 2020* | 2019 | 2020* | 2021* |
| Η1 | Η2 | Η1 | Η2* | Η1* |
| Ι. OFFICE PRICE INDEX (2010=100) |
| Total |
| Index | 80.3 | 81.2 | 79.6 | 80.9 | 81.3 | 81.2 | 82.4 |
| % change | 3.9 | 1.2 | 2.1 | 1.6 | 0.5 | -0.1 | 1.4 |
| a. Athens |
| Index | 83.6 | 85.5 | 82.6 | 84.6 | 85.2 | 85.8 | 88.5 |
| % change | 5.0 | 2.3 | 2.7 | 2.5 | 0.7 | 0.7 | 3.2 |
| b. Thessaloniki |
| Index | 72.2 | 72.0 | 71.6 | 72.8 | 72.3 | 71.8 | 72.4 |
| % change | 2.8 | -0.2 | 0.1 | 1.7 | -0.7 | -0.7 | 0.9 |
| c. Rest of Greece |
| Index | 78.2 | 78.4 | 77.9 | 78.4 | 78.7 | 78.0 | 77.5 |
| % change | 2.9 | 0.2 | 1.8 | 0.6 | 0.4 | -1.0 | -0.6 |
| ΙΙ. OFFICE RENT INDEX (2010=100) |
| Total |
| Index | 75.1 | 74.5 | 75.2 | 75.0 | 74.0 | 75.1 | 77.1 |
| % change | 2.3 | -0.8 | 2.3 | -0.3 | -1.4 | 1.5 | 2.7 |
| a. Athens |
| Index | 75.8 | 74.3 | 75.7 | 75.8 | 73.8 | 74.7 | 75.8 |
| % change | 2.8 | -2.0 | 2.5 | 0.2 | -2.7 | 1.2 | 1.4 |
| b. Thessaloniki |
| Index | 80.9 | 82.1 | 80.6 | 81.3 | 81.5 | 82.8 | 86.4 |
| % change | 3.4 | 1.5 | 2.9 | 0.9 | 0.2 | 1.5 | 4.4 |
| c. Rest of Greece |
| Index | 73.2 | 73.3 | 73.7 | 72.8 | 72.6 | 73.9 | 76.7 |
| % change | 1.5 | 0.0 | 1.9 | -1.1 | -0.3 | 1.8 | 3.7 |
| ΙΙΙ. RETAIL PRICE INDEX (2010=100) |
| Total |
| Index | 81.1 | 83.0 | 80.2 | 81.9 | 82.9 | 83.2 | 84.1 |
| % change | 7.0 | 2.5 | 4.1 | 2.1 | 1.2 | 0.3 | 1.1 |
| a. Athens |
| Index | 81.7 | 83.5 | 81.5 | 81.9 | 83.2 | 83.7 | 84.2 |
| % change | 8.1 | 2.2 | 5.1 | 0.4 | 1.7 | 0.5 | 0.7 |
| b. Thessaloniki |
| Index | 77.8 | 82.4 | 75.2 | 80.4 | 82.5 | 82.4 | 82.6 |
| % change | 9.2 | 5.9 | 4.7 | 7.0 | 2.5 | -0.1 | 0.3 |
| c. Rest of Greece |
| Index | 80.9 | 82.6 | 79.5 | 82.4 | 82.5 | 82.6 | 84.3 |
| % change | 4.7 | 2.0 | 2.2 | 3.7 | 0.2 | 0.1 | 2.1 |
| ΙV. RETAIL RENT INDEX (2010=100) |
| Total |
| Index | 62.4 | 62.0 | 62.4 | 62.3 | 61.7 | 62.0 | 62.6 |
| % change | 1.0 | -0.6 | 1.4 | -0.3 | -0.9 | 0.5 | 0.9 |
| a. Athens |
| Index | 61.3 | 60.4 | 61.5 | 61.2 | 60.2 | 60.7 | 61.3 |
| % change | -0.1 | -1.5 | 0.9 | -0.5 | -1.6 | 0.9 | 1.0 |
| b. Thessaloniki |
| Index | 66.6 | 66.3 | 65.9 | 67.3 | 66.4 | 66.2 | 67.0 |
| % change | 0.8 | -0.5 | 0.6 | 2.0 | -1.3 | -0.4 | 1.3 |
| c. Rest of Greece |
| Index | 62.8 | 62.9 | 63.0 | 62.6 | 62.8 | 63.0 | 63.3 |
| % change | 2.9 | 0.2 | 2.6 | -0.6 | 0.4 | 0.2 | 0.6 |
| | | | | | | | |
*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 available on the Bank of Greece website under the “Real Estate Market Analysis” 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 - 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.
3. 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.
4. Any inconsistencies 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