The rate of closed commercial property in Athens fell to 25.9 pct in March from 26.4 pct in September 2015, steadily falling after reaching a peak of 32.3 pct in September 2013, a survey by the National Confederation of Hellenic Commerce and Entrepreneurship (ESEE) said on Wednesday.
The survey showed that in contrast with Athens, the commercial market in Piraeus was hit harder with the percentage of closed businesses at 33.7 pct at the end of March, almost unchanged from 33.5 pct in March 2015, but off from its peak of 34.9 pct in September 2014.
The survey said that the commercial property market of Athens is showing signs of recovery, with the capital’s main commercial market recording the lowest rate of closed businesses (21.2 pct), followed by Kolonaki (24.9 pct), while Exarhia (35.1 pct) and the central boulevard zone of Stadiou, Panepistimiou and Academia (33.3 pct) recording the highest rates.
The rate of closed commercial property in Thessaloniki peaked in September 2013. It fell steadily to 26 pct in March 2015, but rose slightly to 27 pct in March 2016, while in the city of Patra the percentage of closed businesses fell to 22.4 pct in March from 23.5 pct in March last year.
ESEE president Vasilis Korkidis, commenting on the results of the survey said that business closures were showing signs of decline but noted that desertification zones were created in regional markets. “The economy cannot withstand a repeat of 2015 and the market cannot afford any new tax measures. We fear that the money to be drained from the market will bring back the danger of rising business closures. The epidemic of business closures, that shook Greek commerce may have been contained, but we are not out of the woods yet…” Korkidis said.
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