ECONOMY

Investments in commercial property take a 30 pct dive

The global economic crisis has hit investment activity in Greece’s commercial property sector. Since the start of the year, there has been a significant drop in investments in retail and office property across Greece, primarily in Attica and Thessaloniki. According to construction companies, the drop has been in excess of 30 percent year-on-year. The commercial property sector is considerably more sensitive to the general economic environment than residential real estate. This means that a downturn in commercial property activity is reflected immediately in availability rates and the time required to lease a property.