PROPERTY

Commercial properties see rate rise

commercial-properties-see-rate-rise

The rise in the prices of commercial property and rental rates in the first half of the year was formally recorded by the Bank of Greece on Monday.

The BoG indexes showed a 1.4% increase in the prices of high-standard office buildings compared to the second half of 2020, with the rise coming to 3.2% in Attica and 0.9% in Thessaloniki. In the rest of the country prices decreased by 0.6%.

Office rental rates increased 2.7% in the first half of this year compared to the previous six-month period, while there had been a 0.8% slide in rates over 2020.

The prices of retail spaces expanded 1.1% in January-June 2021, matching the growth recorded also in the July-December 2020 period. This year prices increased 0.7% in Athens, 0.3% in Thessaloniki and 2.1% in the rest of the country. Overall in 2020 there had been a 2.5% advance.

Retail space rental rates augmented 0.9% in this year’s first half from the latter half of 2020. Revised BoG data for 2020 showed a 0.9% decline in the first half and a 0.5% rebound during the second across Greece.

For the whole of 2020, BoG data showed an average reduction of 0.6% in the rental rates for stores.