Commercial real estate prices (of high standard offices) increased by 1.4% in the first half of the year, while their rents in the same period increased by 2.7%, according to data from the Bank of Greece.
More specifically, based on the available provisional data, in the first half of 2021 the nominal prices of high standard office space increased by 1.4% for the whole country compared to the second half of 2020. During the same period, Nominal prices of high standard office space increased by 3.2% in the greater Athens area and 0.9% in Thessaloniki, while they decreased by 0.6% in the rest of Greece.
Based on the revised data, in 2020 the average annual growth rate of the nominal prices of high standard offices for the whole country was 1.2%. The corresponding annual rate of change for Athens was 2.3%, for Thessaloniki -0.2% and for the rest of Greece 0.2%.
In the first half of 2021, office rents for the whole country increased by 2.7% compared to the second half of 2020 (provisional data). Based on the revised data, in the first half of 2020, office rents decreased by 1.4%, while in the second half of 2020 they increased by 1.5% compared to the previous half. For the whole of 2020, office rents decreased at an average annual rate of 0.8%.
The nominal prices of high standard stores for the whole country increased by 1.1% compared to the second half of 2020. During the same period, the nominal prices of high standard stores increased by 0.7% in the greater Athens area, 0.3% in Thessaloniki and 2.1% in the rest of Greece, compared to the previous half.
Based on the revised data, in 2020 the average annual growth rate of the nominal prices of high quality stores was 2.5% for the whole country, while the corresponding price growth rates were 2.2% for Athens, 5.9 % for Thessaloniki and 2.0% for the rest of Greece.
During the first half of 2021, the rents of the stores for the whole country increased by 0.9% compared to the second half of 2020 (provisional data). Based on the revised data, in the first half of 2020, shop rents decreased by 0.9%, while in the second half of 2020, they increased by 0.5% compared to the previous half. For the whole of 2020, the rents of the stores decreased with an average annual rate of change of 0.6%.
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