Real estate prices on the rise again

Real estate prices on the rise again

An increase in prices for offices and shops in Athens was recorded once again, as a study by BoG finds that rent for shop and office spaces has been particularly high during the first six months of the year.

According to the Bank of Greece’s provisional data, in the first half of 2019 the nominal price of high standard office spaces for the whole country increased by 2.2% compared to the second half of 2018. During the same period, nominal prices of high standard office spaces increased by 2.0% in the Greater Athens area, by 0.1% in Thessaloniki and by 2.9% in the rest of Greece.

Based on the revised figures, in 2018 the average annual growth rate of high standard nominal office prices for the whole country stood at 7.2%. The corresponding rate of change for Athens was 9.0%, while for Thessaloniki and the rest of Greece it was 5.4%.

Offices

Office rentals for the whole country increased by 2.4% in the first half of 2019 compared to the second half of 2018 (provisional data). According to the revised figures, the respective change rates were reported at 0.9% in the first half and at 0.5% in the second half of 2018 compared to the immediately preceding semester, while for the whole last year office rents increased by average annual rate of 2.0%.

Store price index

Based on the provisional data, the Nominal High Prices for the whole country increased by 4.2% in the first half of 2019 compared to the second half of 2018. During the same period, the Nominal prices of high specifications increased by 4.6% in the Greater Athens area, 5.6% in Thessaloniki and 3.0% in the rest of Greece, compared to the same period last year.

Based on the revised figures, in 2018 the average annual growth rate of nominal high-end retail prices stood at 4.3% for the whole country, while the corresponding growth rate was 7.4% for Athens, 0.3%. % for Thessaloniki and 0.9% for the rest of Greece.

Store rentals

In the first half of 2019, store rentals for the whole country increased by 1.1% compared to the second half of 2018 (provisional data). Based on the revised figures, the first half of 2018 store rentals remained unchanged, while during the second half of 2018 a marginal 0.3% drop was recorded compared to the immediately preceding half. For the whole last year, store rentals experience a marginal fall, with an average annual rate of change of -0.3%. /ibna