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Commercial property prices in Greece are plunging

27 November 17 - RE+D Magazine
Commercial property prices in Greece are plunging

COMPANIES

ΕΡΡΙΚΟΣ ΑΡΩΝΕΣ

Investment - GREECE

ETAD.A.E.

Public entity - GREECE

Eurobank Property Services

Consultant - GREECE

PEOPLE

Dimitris Andritsos

CEO of Eurobank Property Services S.A Eurobank Property Services
Commercial property prices continued falling in the first half of 2017, the Bank of Greece said on Monday.

 

The central bank, in a report, said that according to provisional data, in the first half of 2017 nominal prime office prices for the country as a whole declined by 0.7 pct, compared with the second half of 2016.

More specifically, in the first half of 2017 nominal prime office prices declined by 1.1 pct in the greater Athens area, whereas in Thessaloniki and in the rest of Greece prices declined marginally by 0.5 pct and 0.2 pct respectively, compared with the second half of 2016.

In 2016, the average annual rate of change in nominal prime office prices is estimated at 0.2 pct for the entire country, whereas the corresponding average rates of change were -0.4 pct for Athens, 0.8 pct for Thessaloniki and 0.7 pct for the rest of Greece.

In the first half of 2017, office rents for the country as a whole increased marginally by 0.1 pct (provisional data) compared with the second half of 2016, against changes of 0.4 pct in the first half of 2016 and -0.4 pct in the second half of 2016.

According to revised data, for 2016 office rents declined at an average annual rate of 0.3 pct. According to provisional data, in the first half of 2017 prime retail prices for the country as a whole increased marginally by 0.5 pct in nominal terms compared with the second half of 2016.

More specifically, in the first half of 2017 nominal prime retail prices increased marginally by 0.2 pct in Athens, remained unchanged in Thessaloniki and increased by 1.0 pct in the rest of Greece, compared with the second half of 2016.

In the first half of 2017, retail rents for the country as a whole declined by 1.5 pct (provisional data) compared with the second half of 2016, against declines of 0.6 pct in the first half of 2016 and 0.1 pct in the second half of 2016. According to revised data, for 2016, retail rents declined at an average annual rate of 1.8 pct.

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