BoG: Nominal prime office prices marginally increased by 0.2 pct in the first half of 2016

Nominal prime office prices in Greece marginally increased by 0.2 pct in the first half of 2016, compared with the second half of 2015, according to provisional figures released by the Bank of Greece on Wednesday.

The central bank, in a report, said that a marginal positive trend in prime office prices was recorded in the third semester in a row (2015 H1: 0.2 pct and 2015 H2: 0.1 pct). More specifically, in the first half of 2016 nominal prime office prices declined by 0.5 pct in the greater Athens area compared with the second half of 2015, whereas in Thessaloniki and in the rest of Greece prices increased by 1.4 pct and 0.8 pct respectively.

In 2015 as a whole, the average rate of change in nominal prime office prices is estimated at -0.1 pct for the entire country compared with 2014, whereas the corresponding average annual rates were -0.2 pct for Athens, -5.2 pct for Thessaloniki and 1.2 pct for the rest of Greece (revised data).

In the first half of 2016, office rents for the country as a whole increased by 0.7 pct (provisional data) compared with the second half of 2015, against a decrease of 0.1 pct in the first half of 2015 and 1.2 pct in the second half of 2015.

According to provisional data, in the first half of 2016 prime retail prices decreased by 0.8 pct in nominal terms compared with the second half of 2015.

In the first half of 2016, retail rents for the country as a whole marginally declined by 0.3 pct (provisional data) compared with the second half of 2015, a rate of decline significantly weaker than the corresponding rates in the previous half-years (2015 H1:-2.3 pct and 2015 H2: -3.0 pct).