June 6, 2019 / 12:19 PM / 3 months ago

Greek prime office prices up 7.0% last year

    ATHENS, June 6 (Reuters) - Greek prime office prices rose 7%
last year compared to 2017 as the national economic recovery
gained pace, the central bank said on Thursday, with the
increase more pronounced in the capital Athens.
    Greece's economy is recovering from 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 last year's final quarter, helped by an improving
economy and growing foreign interest.              
    Greece's 180 billion euro ($203 billion) economy grew 1.9%
in 2018, driven mainly by net exports, with private consumption
also providing a boost.
    It continued to expand in the first three months of 2019 at
an annual clip of 1.3%, driven by consumer spending and a
pick-up in investments, although a slow-down in Europe made
falling exports a drag.             
    The Bank of Greece said prices for prime office properties
in Athens increased by 9.0%, while office rents countrywide rose
by 1.9% compared to a year earlier.
    It provided the following details:
    
                   COMMERCIAL PROPERTY PRICES
                     2016  2017   2018
TOTAL COUNTRY
Index                71.2  72.5*  77.6
Change (%)            0.2   1.7*   7.0
ATHENS
Index                72.8  74.0*  80.7  
Change (%)           -0.4   1.7*   9.0  
----------------------------------------------
* revised
source: Bank of Greece


($1 = 0.8877 euros)

 (Reporting by George Georgiopoulos;
Editing by Andrew Cawthorne)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below