Commercial property prices in Greece up in 2022

The average price of commercial property in Greece rose in 2022.

On Thursday, the Bank of Greece said that nominal prime office prices for the entire country increased on average by 2.6% in 2022 compared to 2021, against an increase of 1.7% in 2021.

More specifically, 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).

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).

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