Press Releases

Commercial property indices - 2019 H1

09/12/2019 - Press Releases

1. Office Indices
Office price index
According to provisional data, in the first half of 2019 nominal prime office prices for the entire country increased by 2.2%, compared with the second half of 2018. Over the same period, nominal prime office prices increased by 2.0% in the greater Athens area, marginally by 0.1% in Thessaloniki and by 2.9% in the rest of Greece compared with the second half of 2018.
According to revised data, in 2018 the average annual growth rate of nominal prime office prices is estimated at 7.2% for the entire country, whereas the corresponding average growth rates were 9.0% for Athens and 5.4% for both Thessaloniki and the rest of Greece.
Office rent index
In the first half of 2019, office rents for the entire country increased by 2.4% compared with the previous half year (provisional data). According to revised data, the respective changes were 0.9% in the first half of 2018 and 0.5% in the second half of 2018, whereas for 2018 office rents increased at an average annual rate of 2.0%.

2. Retail indices
Retail price index
According to provisional data, in the first half of 2019 nominal prime retail prices for the entire country increased by 4.2% compared with the second half of 2018. Over the same period, nominal prime retail prices increased by 4.6% in Athens, 5.6% in Thessaloniki and 3.0% in the rest of Greece, compared with the second half of 2018.
According to revised data, in 2018 nominal prime retail prices increased by 4.3% for the entire country, whereas the corresponding average rates of change were 7.4% for Athens, 0.3% for Thessaloniki and 0.9% for the rest of Greece.
Retail rent index
In the first half of 2019, retail rents for the entire country increased by 1.1% compared with the previous half-year (provisional data). According to revised data, retail rents remained unchanged in the first half of 2018, whereas in the second half of 2018 a marginal drop of 0.3% was recorded compared with the previous half year. In 2018 retail rents marginally declined at an average annual rate of -0.3%. 
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 in the “Real Estate Market Analysis” Section.

 

 

Source: Bank of Greece.

* Provisional data.

 Notes:

  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 (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.
  2. Indices are published on a biannual basis (base year: 2010). They concern office and retail uses and refer to price levels of mainly prime investment property. 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, especially in periods of limited transactions, the values tend to reflect sentiment and market expectations at the moment of the valuation.
  3. Any inconsistencies between levels and percentage changes in the Table are due to rounding.

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