Record rise for retail property prices in H1, Athens shines

Record rise for retail property prices, Athens shines

Greece's retail property prices advanced in the first half of the year by 2.1 percent, in the biggest rise the index has seen since it was introduced in 2011, data from the Bank of Greece showed Wednesday.

The hike was steepest in Athens, where prices jumped 4 percent, versus a 0.8 percent drop in Thessaloniki. In the rest of Greece, the property prices index was unchanged, the data showed.

Demand for retail space in shopping districts such as Ermou street is rising amidst Greece's improving economic conditions and a tourism boom pushing the price of hospitality related assets higher. Real estate prices in Greece had plummeted by more than 40 percent during the country's eight year economic crisis.

The cost of renting retail space in the first half of the year, shows a slightly different picture with prices still contracting but the market looks to be turning here also. In the first half of the year, the price of rent in retail spots eased 0.2 percent from the previous period, one of the lowest drops in recent years.