Greece : Property prices and rentals falling...

Bank of Greece  has   released data on commercial property which reveals the contracting business affecting property prices and rentals.

Office price index 

According to provisional data the cumulative drop in the prices (in nominal terms) of prime office premises in the country as a whole averaged 31.6% in the first half of 2014, compared with the first half of 2010. 

  

Office rent index 

According to provisional data, in the country as a whole, the cumulative decrease in prime office rents (in nominal terms) averaged 26.9% in the first half of 2014 compared with the first half of 2010, 

In the first half of 2014, prime office rents declined in the country as a whole by 10.7% in relation to the first half of 2013. 

 The considerable acceleration of the rate of decline in office rents in the first half of 2014 is possibly associated with more intense efforts of tenants to renegotiate active leases as well as with the further shrinking of business activity, which leads to increased supply of competitive spaces. 

 
 
Retail price index
 
According to provisional data, in the country as a whole, the cumulative drop in prime retail prices (in nominal terms) averaged 28.8% in the first half of 2014 compared with the first half of 2010. 

Retail rent index

The cumulative decrease in prime retail rents, in Greece as a whole, in the first half of 2014 averaged 31.0% compared with the first half of 2010 (provisional data).

Source: Bank of Greece 

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