globe retail outlook data

 

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Greece

With disposable income sapped by successive fiscal measures, unemployment exceeding 25%, GDP off by approximately 26% since 2007, and risk of additional measures continuously being announced by the government, the Greek retail market has sufferred a sharp decline in sales and consequent downward pressure on rents and values of retail space. Demand for capital and lease transactions outside prime areas is limited and new supply is virtually non-existent. Landlords in all but the most prime locations are suffering from vacancy rates and declining rents and values. Retailers wishing to expand are cautiously taking advantage of opportunities to negotiate favourable terms and concessions at prime locations. Stability, if not a further slight slowdown, is expected for prime retail locations. In secondary markets, the trend of increasing vacancy, non-performing tenants and falling remains the trend. Going forward, the situation remains uncertain, and will remain so until economic conditions start improving.

Our Top Tip For
New Arrivals

After a long period of landlords having the upper hand, Greece has become a tenant's/buyer's market. Conditions favor tenants looking to get positioned at prime retail locations. Caution is still required however because the market is still adjusting to changing economic conditions. Strategically located shopping centres have not suffered as much as high street locations as retail spending contracted.

Currency

Euro (EUR)
EUR €1
USD $1.23
GBP £0.88

Language

Greek
Hello: Geiá Sou
Thank you: Efharistó

International Dialing Code

+30

Time Zone

GMT+2

Cost of a Pair of Jeans

80.00 EUR

Cost of a Cup of Coffee

3.50 EUR

Cities in Greece

Contact Us

Yannis Perrotis

4 Sekeri Street
+30 6944 39 09 36 | yannis.perrotis@cbre.gr