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October 20, 2019
ECONOMY

Nominal office prices up 7.0 pct in 2018, Bank of Greece report says

Nominal office prices in Greece rose by an average 7.0 pct in 2018 compared with the previous year, after an 1.8 pct increase recorded in 2017/2016, the Bank of Greece said in a report released on Thursday.

The central bank, in its report said that broken down by region, in 2018 nominal prime office prices increased by 9.0 pct in Athens, 5.4 pct in Thessaloniki and 5.1 pct in the rest of Greece. In the second half of 2018, nominal prime office prices for the country as a whole increased by 2.9 pct compared with the first half of 2018 (provisional data). The corresponding rates of increase were 4.1 pct in the second half of 2017 and 3.4 pct in the first half of 2018 compared with the previous half-year (revised data).

According to regional data, in the second half of 2018 nominal prime office prices increased by 4.6 pct in the greater Athens area, 3.7 pct in Thessaloniki and 0.7 pct in the rest of Greece, compared with the first half of 2018.

In 2018, office rents for the entire country increased οn average by 1.9 pct in nominal terms (provisional data). The corresponding average annual rates of increase were 1.8 pct in Athens and 2.6 pct in the rest of Greece, whereas in Thessaloniki a marginal decrease of 0.3 pct was recorded.

In the second half of 2018, office rents for the country as a whole increased by 0.6 pct compared with the first half of 2018 (provisional data). The respective rates of increase were 1.6 pct in the second half of 2017 and 0.8 pct in the first half of 2018 (revised data).

According to provisional data, in 2018 nominal prime retail prices increased on average by 4.3 pct relative to 2017 for the country as a whole, against an increase of 1.7 pct in 2017. Broken down by region, in 2018 nominal prime retail prices increased by 7.4 pct in Athens, 0.3 pct in Thessaloniki and 0.8 pct in the rest of Greece.

In 2018, retail rents for the entire country declined on average by 0.5 pct in nominal terms (provisional data). The corresponding average annual rates of decline were 0.2 pct in Athens, 1.9 pct in Thessaloniki and 0.5 pct in the rest of Greece.

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