Greek commercial property prices in 2025: what the Bank of Greece indices show

According to the Bank of Greece's provisional data, prime office prices across Greece increased on average by 5.1% in 2025, maintaining the growth rate recorded in 2024. By region, prime office prices rose 7.0% in Athens, 4.2% in Thessaloniki and 2.5% in the rest of Greece.

Momentum picked up in the second half of the year: prime office prices increased 4.5% nationally compared with the first half of 2025, with the greater Athens area up 6.1%, the rest of Greece up 3.3% and Thessaloniki marginally down 0.4%.

Rents tell a more selective story. Office rents of all classes rose only 0.8% nationally in 2025. In Athens they increased 5.5%, while they fell 1.2% in Thessaloniki and 2.1% in the rest of Greece.

Prime retail prices increased on average by 4.8% in 2025, down from 8.8% in 2024. Athens recorded 5.3%, Thessaloniki 2.7% and the rest of Greece 4.4%.

Retail rents of all classes rose 3.6% nationally, with Athens at 5.7%, Thessaloniki at 2.7% and the rest of Greece at 0.5%. In the second half of 2025 retail rents rose 2.6% compared with the first half.

The price indices track prime investment property, while the rent indices cover all classes of space. The two are not a like-for-like yield measure, but together they point in one direction: the strongest evidence of growth sits in well-located, high-quality Athens assets.

For secondary offices outside Athens, flat or falling rents mean that value depends heavily on the specific building — its condition, energy performance, lease terms and tenant quality — rather than on the headline market trend.

Our view is that 2025 data favours asset-level analysis over market averages. Before a sale, refinancing or repositioning, the questions that matter are which class of asset the property really competes in, and whether its rent is supported by current evidence.