The prices of offices and shops remained on an upward trajectory in 2023. As can be seen from the data of the Bank of Greece, in the previous year, the average annual rate of change in the prices of high-end offices for the whole country was 5.9% and the rents offices of all categories to 6.2%. During the same period, the average annual rate of change in the prices of high-end shops for the whole country was 6.9% and of rents for shops of all categories at 5.7%.

Offices

Based on the available provisional data, in 2023 the prices of high-end offices (in nominal terms) increased by an average of 5.9% in relation to 2022 for the whole of Greece, against a corresponding increase of 3.6% in 2022. With distinction by geographical region, in 2023 the prices of high-end offices recorded average annual increase of 5.7% in Athens, 2.2% in Thessaloniki and 6.9% in the rest of Greece.

Against the second half of 2023, the prices of high-end office space for the entire country showed a 2.1% increase compared to the first half of 2023 (provisional data). Based on the revised data, in the second half of 2022, the prices of high-end offices recorded an increase of 3.8% compared to the previous half, while in the first half of 2023 they recorded a corresponding increase of 2.9%. With a distinction by geographical region, in the second half of 2023 the prices of high-end office spaces increased by 2.9% in the greater Athens area, by 0.1% in Thessaloniki and by 1.3% in the rest of Greece, compared to the first half of 2023.

For the whole of 2023, office rents of all categories in nominal terms for the whole of Greece increased by 6.2% (provisional data). With distinction by geographical region, the corresponding average annual rent growth rate for Athens amounted to 6.0%, for Thessaloniki to 7.8% and for the rest of Greece to 6.1%.

During the second half of 2023, office rents for the whole country recorded an increase of 1.5% compared to the first half of 2023 (provisional data). The corresponding rent change rates were 2.0% in the second half of 2022 and 4.4% in the first half of 2023 (revised data).

Stores

Based on available provisional data, in 2023 high-end store prices (in nominal terms) increased by an average of 6.9% in relation to 2022, for the whole of Greece, against an increase of 6.2% in 2022. With a distinction by geographical region, the corresponding average annual rate of price increase was 8.5% for Athens, 7.3% for Thessaloniki and 4.0% for the rest of Greece.

The second half of 2023, the prices of high-end shops increased by 2.4% compared to the previous six months for the whole country (provisional data). The corresponding rates of change were 2.9% in the second half of 2022 and 4.1% in the first half of 2023 (revised data). With a distinction by geographical region, in the second half of 2023 the prices of high-end stores recorded an increase of 3.4% in the wider area of ​​Athens, 0.5% in Thessaloniki and 1.2% in the rest of Greece, compared to a ΄ semester of 2023.

For the whole of 2023, the rents of shops of all categories in nominal terms, for the whole of the country, registered an average annual increase of 5.7% (provisional data). Disaggregated by geographic region, the corresponding average annual rent growth rate was 6.2% for Athens, 5.3% for Thessaloniki and 5.2% for the rest of Greece.

During the second half of 2023, store rents increased by 1.1% compared to the first half of 2023 for the entire country (provisional data). The corresponding rental growth rates were 1.6% in the second half of 2022 and 4.3% in the first half of 2023 (revised data).