Commercial real estate in Greece continued its upward trajectory in the first half of 2025. Both offices and retail spaces have remained market leaders in recent years, with increases in both sale prices and rental rates.
What the Bank of Greece Data Shows About Prices and Rentals
According to data from the Bank of Greece (Τράπεζα της Ελλάδος, ΤτΕ), nominal prices for high-standard office spaces across the country rose by an average of 0.5% in the first half of 2025 compared to the second half of 2024. Regionally, the greater Athens area saw a 0.9% increase, Thessaloniki 1.7%, while the rest of Greece experienced a slight decline of 0.3%.
Based on revised data, the average annual growth in nominal prices for premium offices nationwide in 2024 was 5.0%. In Athens, the figure was higher at 7.2%, in Thessaloniki 6.3%, and in the rest of Greece 1.9%.
For rentals, office rental rates nationwide increased by 0.3% in the first half of 2025 compared to the second half of 2024 (preliminary data). In 2024, according to revised figures, office rentals grew by 0.5% in the first half and 1.1% in the second half (compared to the previous half-year period). Overall for 2024, office rentals rose by an average of 1.6% nationwide and 4.7% in Athens.
Meanwhile, preliminary data indicate that nominal prices for high-standard retail spaces nationwide increased by 1.1% in the first half of 2025 compared to the second half of 2024. By region: Athens +1.5%, Thessaloniki +2.0%, rest of Greece +0.2%.
Revised data for 2024 show an average annual growth in nominal prices for premium retail spaces of 8.8% nationwide. In Athens, it was 10.4%, in Thessaloniki 6.8%, and in the rest of Greece 6.6%.
Retail rental rates also continue to rise: in the first half of 2025, shop rental rates nationwide increased by 0.4% compared to the second half of 2024 (preliminary data). In 2024, retail rentals grew by 5.0% in the first half and 2.1% in the second half (compared to the previous half-year). Overall for 2024, the average annual rental growth was 6.7% nationwide and 6.2% in Athens.
Ermou Street: One of the World's Most Expensive Retail Addresses
Ermou Street has once again solidified its status as one of the world's most prestigious commercial addresses. According to Cushman & Wakefield's report, Ermou climbed one position to 15th place in the global ranking, with rental rates increasing by 7% over the past 12 months.
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