Commercial property prices advance in fourth quarter

Commercial property prices were up in the fourth quarter of 2020 compared with the same period in 2019, according to a report by the property ads website Spitogatos on Tuesday.

Leasing rates for offices in Athens, Piraeus, Thessaloniki, Iraklio, Larissa and Patra were up in the October-December period, with the southern suburbs of Athens (+9.5%) and Thessaloniki (+8.4%) recording the biggest increases.

The highest average leasing price per square meter is in the northern suburbs of Athens (10.9 euros) and the city center (€10), while the lowest is in Larissa (€5.5), in central Greece.

Office sales prices were also up in the fourth quarter, with the southern suburbs of Athens recording the highest average price per square meter (€2,030, up 6.3% from 2019), followed by the northern suburbs (€2,007, up 11.9%).

In Larissa, office sale prices fell 4%, while Patra recorded the lowest average price (€882.9 euros, up 11.1% from 2019).

Commercial prices (both leasing and sale) rose significantly in the fourth quarter, with the eastern suburbs of Athens (16.3%), Iraklio (14.9%) and Piraeus (14.7%) recording the biggest percentage increases.

The northern suburbs of Athens led the sale prices per square meter (€2,542), while Patra has the lowest price (€986.5).