Athens’ Ermou Street continues to be the most expensive commercial street in Greece, with rents in prime locations reaching an average of €300 per square metre in the last quarter of 2024, up from €290 per sqm in 2023, according to a recent study by Cushman & Wakefield Proprius.
Thessaloniki‘s Tsimiski Street has now overtaken Glyfada as the country’s second most expensive retail location. In the second quarter of 2024, rents on Tsimiski rose to €160 per sqm, compared to €145 per sqm in 2023. Meanwhile, Glyfada saw a more moderate increase, with rents rising to €155 per sqm at the end of 2024, up from €150 per sqm in 2023 and €135 per sqm in 2022.
Kolonaki also saw a rise in commercial rents, reaching €115 per sqm from €105 per sqm in 2023. In contrast, Kifissia maintained stable rental rates, remaining at €110 per sqm for both 2023 and 2024. Piraeus continued its upward trajectory, with prime rents increasing to €100 per sqm, up from €95 per sqm in 2023 and €85 per sqm in 2022.
Outside of Athens and Thessaloniki, Patras recorded a notable increase in commercial rents, reaching €90 per sqm at the end of 2024, compared to €75 per sqm in 2023. In Heraklion, Crete, retail rents climbed to €95 per sqm.
Retail investment in Greece‘s real estate sector remained active in the final quarter of 2024, with total transactions reaching €55 million. Among the most significant deals was the acquisition of Village Shopping and More in Renti for €14.1 million by Premia Properties, the Antetokounmpo family, and private investors. Additionally, Thessaloniki’s prime shopping streets saw transactions amounting to €8.5 million.
The continued demand for high-street retail space reflects the resilience of Greece’s commercial real estate market, with prime locations experiencing steady or rising rental values amid ongoing investment activity.
(Source: CNN Greece)