Marginal growth tipped for commercial property

Greece's commercial real estate sector is showing signs of stabilisation with marginal growth on the cards but no new development activity is expected any time soon, according to a report from consultants NAI.

The report said the market's downward trend is showing signs of correcting from early 2017 with a number of deals having taken place.

SEE ALSO: Commercial Real Estate Market Report 2017 (EMEA) - NAI

"Expectations in the real estate market point to gradual recovery, awaiting for a number of transactions of prime properties to be completed in the coming years. New development activity is not forecast to pick up any time soon, especially as long as there is adequate stock of properties to cover investors' demand," it said.

Progress on Greece's state assets sales and improvements to infrastructure have helped boost interest in the logistics market, the report said, referring to the recent privatisations of the Piraeus and Thessaloniki ports and the National Railway.

"Occupancy rates for Grade A logistics properties is as high as some 95%," it said.