The Bank of Greece released its biannual commercial property indices for the second half of 2024, reporting continued increases in prime office and retail prices in nominal terms, alongside more modest half-year growth in rents. For 2024 as a whole, prime office prices rose by 4.9% year on year (Athens 6.9%, Thessaloniki 6.1%, rest of Greece 2.0%), while office rents across all classes increased by 1.9% (Athens 5.0%, Thessaloniki 0.1%, rest of Greece -1.2%). In 2024 H2 versus 2024 H1, prime office prices increased by 4.3% at country level (Athens 6.3%, Thessaloniki 4.0%, rest of Greece 1.6%) and office rents rose by 0.9%. For retail, prime prices increased by 8.8% in 2024 (Athens 10.4%, Thessaloniki 6.5%, rest of Greece 6.7%) and retail rents rose by 6.4% (Athens 5.8%, Thessaloniki 9.2%, rest of Greece 6.7%); in 2024 H2 versus 2024 H1, prime retail prices rose by 4.0% (Athens 3.5%, Thessaloniki 3.7%, rest of Greece 4.8%) and retail rents increased by 1.3%. The Bank noted the indices are valuation-based (covering prime investment property) and compiled biannually using data from credit institutions and real estate investment companies, alongside other market sources.
Bank of Greece 2025-06-05
Bank of Greece publishes 2024 H2 commercial property indices showing slower rent growth and continued price gains
The Bank of Greece's biannual report for H2 2024 shows continued nominal increases in prime office and retail prices, with office prices rising 4.9% year-on-year and retail prices up 8.8%. Office rents increased by 1.9% and retail rents by 6.4% for the year. The indices, covering prime investment property, are valuation-based and compiled using data from credit institutions and real estate investment companies.