BUSINESS

Commercial property prices rise 3.5 pct in first half

TAGS: Property

Greek prime office prices rose 3.5 percent in the first half compared to the second half of 2017, the country's central bank said on Thursday, with the increase more pronounced in the capital Athens.

Greece's economy is recovering after a multi-year deep recession which shrank it by a quarter, driving a rebound in residential and commercial real estate prices which suffered a heavy hit during the country's debt crisis.

The recovery in the residential property market gained momentum in the third quarter, as the improving economy and growing foreign interest helped prices rise further.

The economy expanded for a ninth straight quarter in July-to-September, growing 2.2 percent on an annual basis.

The Bank of Greece said prices for prime office properties in Athens increased by 4.6 percent in the first half, while office rents countrywide rose by 1.3 percent compared to the second half of 2017. [Reuters]

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