December 6, 2018 / 12:03 PM / 12 days ago

Greek commercial property prices rise 3.5 pct in first half

    ATHENS, Dec 6 (Reuters) - Greek prime office prices rose 3.5
percent in the first half compared to the second half of 2017,
the country's central bank said on Thursday, with the increase
more pronounced in the capital Athens.
    Greece's economy is recovering after 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 the third quarter, as the improving economy and
growing foreign interest helped prices rise further.
                        
    The economy expanded for a ninth straight quarter in
July-to-September, growing 2.2 percent on an annual basis.
            
    The Bank of Greece said prices for prime office properties 
in Athens increased by 4.6 percent in the first half, while
office rents countrywide rose by 1.3 percent compared to the
second half of 2017.
    It provided the following details:
                COMMERCIAL PROPERTY PRICES, RENTS
                2016  2017  H2 2017  H1 2018
TOTAL COUNTRY                            
Index           71.2  72.3  73.7     76.3
Change (%)      0.2   1.6    3.7      3.5
ATHENS
Index           72.8  74.1  75.4     78.9
Change (%)     -0.4   1.8    3.7      4.6
-----------------------------------------
source: Bank of Greece

 (Reporting by George Georgiopoulos)
  
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