After years of falling commercial real estate rents, the rental market throughout Athens appears to making signs of a comeback, with rental rates bottoming out in Q4 2016. It would appear from the numbers that the Greek real estate market is primed for an improvement.
In addition to the bottoming out of rents, occupancy has been increasingly steadily, with empty storefronts becoming a thing of the past throughout Athens.
The filling up of shops is most prominent in the city center of Athens, an area of high demand and of attractive rents, which average 130 euros per square meter, which is 60 percent less from before the start of the Greek financial crisis.
Local experts don’t see the low commercial rents staying in effect for long, with empty spaces in Athens quickly becoming a hot commodity. After years of tough times for the Athens commercial real estate market, things are beginning to look sunnier.
This is all welcome news for the Greek real estate market, which has seen both residential and commercial real estate prices fall between 40-60 percent since 2009.