globe retail outlook data

 

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Greece

With disposable income sapped by successive fiscal measures, unemployment around 20%, GDP and consumer expenditure off by approximately 25% since 2009, and risk of additional measures continuously being announced by the government, the Greek retail market has suffered 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 very limited. With few exceptions, international retailers have curtailed their expansion plans and rationalized their networks. Since 2016, landlords have started seeing increases in rents and values in the most prime locations, but the market overall has yet to enter a broad-based recovery phase. The strong rebound in tourism is an important driver in areas popular with overseas visitors, while domestic looking markets remain stagnant.  Retailers wishing to expand are looking for opportunities to negotiate favourable terms and concessions. In secondary markets, the trend of increasing vacancy, non-performing tenants and stable - but weak - rents 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 $1.16
GBP £0.89

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