Plus, 10 April 2009
Commercial property values have naturally followed the upward course
of those in the new residential areas in Attica that have emerged over
the last 10 years or so.
According to a study about to be published, while the number of empty
premises in the center of Athens is soaring, other areas are doing
brisk business and the number of shops has more than doubled.
These new markets are mostly found in the Mesogeia district, east of
the capital, and at the northern and western ends of the conurbation.
These include the areas of Ano Liosia, Acharnes, Kamatero, Drosia,
Aghios Stefanos, Anoixi, Koropi, Nea Makri, Rafina and Pallini. The
increase in the number of shops in these districts since 1998 ranges
from 180 percent in Kamatero to 367 percent in Pallini.
The return on investment in commercial property in such areas is more
than 7 percent - higher than the average in the rest of Attica.
"Most of these areas have many common characteristics. One is
the establishment of new, large businesses, which has contributed to
increases in population. Another is the difficult access to other neighboring
markets and the center of Athens... Some of these areas are projected
to grow even more in coming years and develop into commercial hubs
of their own wider districts," said one realty agent. "One
thing is certain: The small local markets are less vulnerable both
to the economic crisis and the sharp competition among malls."
"They are like small provincial towns, where the crisis has made
only a slight impact to date... This may prove especially useful to
anyone wishing to invest in commercial property, including office space, " the
same agent concluded.