The Bank of Greece unveils the commercial property indices for the first half of 2022

According to the central bank in 2022 H1, the rate of change for prime office prices for the entire country stood at 0.7% and for office rents at 0.9%, compared with 2021 H2. In 2022 H1, the rate of change for prime retail prices for the entire country stood at 2.4% and for retail rents at 2.5%, compared with 2021 H2.

Office indices

According to provisional data, in the first half of 2022 nominal prime office prices for the entire country increased by 0.7%, compared with the second half of 2021. Over the same period, nominal prime office prices increased by 2.0% in the greater Athens area and 0.4% in Thessaloniki, while they decreased by 0.9% in the rest of Greece.

According to revised data, in 2021 the average annual growth rate of nominal prime office prices stood at 1.6% for the entire country. The corresponding average rates of change were 4.4% in Athens, 0.6% in Thessaloniki and -1.6% in the rest of Greece.

In the first half of 2022, office rents for the entire country increased by 0.9% compared with the second half of 2021 (provisional data). According to revised data, office rents increased by 2.9% in the first half of 2021 and 0.3% in the second half of 2021, compared with the previous half-year. In 2021, office rents increased at an average annual rate of 3.8%.

Retail indices

According to provisional data, in the first half of 2022 nominal prime retail prices for the entire country increased by 2.4% compared with the second half of 2021. Over the same period, nominal prime retail prices increased by 3.1% in the wider Athens area, 1.4% in Thessaloniki and 1.5% in the rest of Greece, compared with the previous half-year.

According to revised data, in 2021 the average annual growth rate of nominal prime retail prices stood at 2.3% for the entire country, whereas the corresponding rates were 2.3% in Athens, 0.9% in Thessaloniki and 2.5% in the rest of Greece.