BUSINESS

Prime office space prices rose 7 pct in 2018

TAGS: Property

The prices of prime office space in Greece rose 7 percent last year compared to 2017 as the country’s economic recovery gained pace, the central bank said on Thursday, with the increase most pronounced in Athens.

Greece is recovering from a multi-year recession, which shrank its economy by a quarter, and residential and commercial real estate prices, which were hit hard during the country’s debt crisis, are now rebounding.

The recovery in the residential property market gained momentum in last year’s final quarter, helped by an improving economy and growing foreign interest.

The Bank of Greece said prices for properties with prime office space in Athens increased by 9 percent, while office rents nationwide rose by 1.9 percent compared to a year earlier.

[Reuters]

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