Office prices down 0.2 pct in H1, Bank of Greece report

The central bank, in a report on provisional commercial property prices, said that the rate of decline was lower compared with previous half-years (2014 H1: -1.4 pct, 2014 H2: -0.5 pct). More specifically, in the first half of 2015, nominal prime office prices declined by 1.0 pct in the greater Athens area and by 4.9 pct in Thessaloniki, whereas in the rest of Greece the prices increased by 1.6 pct, compared with the second half of 2014.

In 2014 as a whole, compared with 2013, the average rate of decrease in nominal prime office prices was estimated at 3.4 pct for the entire country, whereas the respective average drop was 3.1 pct for Athens, 5.0 pct for Thessaloniki and 3.4 pct for the rest of Greece.

In the first half of 2015, office rents for the country as a whole increased by 0.5 pct (provisional data) compared with the second half of 2014, against a decrease of 5.9 pct in the first half of 2014 and 1.7 pct in the second half of 2014.

According to provisional data, in the first half of 2015, prime retail prices, for the country as a whole, decreased by 4.4 pct in nominal terms compared with the second half of 2014. More specifically, in the first half of 2015, compared with the previous half, nominal prime retail prices decreased by 4.0 pct in Athens, 2.9 pct in Thessaloniki and by 5.3 pt in the rest of Greece.

Finally, in 2014 as a whole, compared with 2013, the average rate of decrease in nominal prime retail prices is estimated at 1.8 pct for the entire country, whereas the respective average drop was 2.8 pct for Athens, 1.2 pct for Thessaloniki and 0.3 pct for the rest of Greece (revised data).

In the first half of 2015, retail rents for the country as a whole declined by 1.8 pct (provisional data) compared with the second half of 2014, a rate of decline significantly lower than the respective rates in the previous half-years (2014 H1:-5.1 pct, 2014 H2: -8.4 pct).