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Commercial property indices - 2020 H1

10/12/2020 - Press Releases

  1. Office Indices

Office price index

 

According to provisional data, in the first half of 2020 nominal prime office prices for the entire country remained unchanged, compared with the second half of 2019. Over the same period, nominal prime office prices increased marginally by 0.3% in the greater Athens area, while a decline by 0.7% was recorded in Thessaloniki and a marginal decline by 0.1% in the rest of Greece.

According to revised data, in 2019 the average annual growth rate of nominal prime office prices is estimated at 4.1% for the entire country, whereas the corresponding average growth rates were 5.0% in Athens, 2.8% in Thessaloniki and 3.2% in the rest of Greece.

Office rent index

 

In the first half of 2020, office rents for the entire country declined by 1.6% compared with the previous half-year (provisional data). According to revised data, office rents increased by 2.3% in the first half of 2019 and by 0.2% in the second half of 2019, compared with the previous half-year. In 2019 office rents increased at an average annual rate of 2.5%.

 

  1. Retail indices

Retail price index

 

According to provisional data, in the first half of 2020 nominal prime retail prices for the entire country increased by 1.1% compared with the second half of 2019. Over the same period, nominal prime retail prices increased by 1.4% in Athens, 2.1% in Thessaloniki and marginally by 0.2% in the rest of Greece, compared with the second half of 2019.

According to revised data, in 2019 nominal prime retail prices increased by
6.9% for the entire country, whereas the corresponding average growth rates were 7.9% in Athens, 9.3% in Thessaloniki and 4.7% in the rest of Greece.

Retail rent index

In the first half of 2020, retail rents for the entire country declined by 1.0% compared with the previous half-year (provisional data). According to revised data, retail rents increased by 1.4% in the first half of 2019, whereas in the second half of 2019 a marginal drop of 0.1% was recorded compared with the previous half-year. In 2019 retail rents increased at an average annual rate of 1.1%. 

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.

 

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 - 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.
Any inconsistencies between levels and percentage changes in the Table are due to rounding.

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