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31/08/2017 - Indices of residential property prices: Q2 2017

According to data collected from credit institutions,(1) apartment prices (in nominal terms) are estimated to have declined on average by 1.2% year-on-year in the second quarter of 2017. According to revised data, the respective decline in the first quarter of 2017 was 1.7%, while the average annual rate of decline in 2016 was 2.4%.

Indices of apartment prices by age and geographical area

More specifically, in the second quarter of 2017 the year-on-year rate of decline in prices was 1.0% for "new" apartments (up to 5 years old) and 1.3% for "old" apartments (over 5 years old). According to revised data, the respective decline in the first quarter of 2017 was 1.9% for "new" apartments and 1.6% for "old" apartments, while the average annual rate of decline in 2016 was
3.0% and 1.9% respectively.

According to data broken down by geographical area, in the second quarter of 2017 apartment prices are estimated to have declined year-on-year by 1.2% in Athens, 1.3% in Thessaloniki, 1.7% in other cities and 0.6% in other areas of Greece. According to revised data, the respective decline in the first quarter of 2017 was 1.6% in Athens, 2.1% in Thessaloniki, 2.3% in other cities and 1.2% in other areas of Greece, while for the whole of 2016 prices, in comparison with 2015, dropped on average by 1.8%, 3.5%, 2.3% and 3.0% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the second quarter of 2017 apartment prices declined year-on-year by 1.3%. Based on revised data, in the first quarter of 2017 apartment prices in all urban areas declined year-on-year by 1.7%, while for 2016 as a whole they declined at an average annual rate of 2.4%.

Detailed tables on house prices by geographical area and with a distinction between “new” and “old” apartments, are published in the Bank of Greece “Bulletin of Conjunctural Indicators” (Tables ΙΙ.7, ΙΙ.7.1, ΙΙ.7.2 and ΙΙ.8) and are also available on the Bank of Greece website under “Real Estate Market Analysis” section.

INDICES OF APARTMENT PRICES (1) (2)

 

2015

2016 *

2016 *

2017 *

Q2

Q3*

Q4*

Q1*

Q2*

Ι. Overall

Price index (2007=100)

61.1

59.6

59.7

59.3

59.4

59.1

59.0

(%) change over previous year

-5.1

-2.4

-2.5

-1.5

-1.0

-1.7

-1.2

 

II. BY AGE

1. New (up to 5 years old)

Price index (2007=100)

63.0

61.1

61.3

60.7

60.9

60.6

60.6

(%) change over previous year

-5.6

-3.0

-3.2

-1.9

-1.5

-1.9

-1.0

2. Old (over 5 years old)

Price index (2007=100)

59.8

58.7

58.7

58.4

58.4

58.2

57.9

(%) change over previous year

-4.7

-1.9

-2.1

-1.2

-0.7

-1.6

-1.3

 

ΙΙΙ. BY GEOGRAPHICAL AREA

1. Athens

Price index (2007=100)

57.9

56.8

56.9

56.6

56.6

56.3

56.2

(%) change over previous year

-5.3

-1.8

-1.8

-1.0

-0.7

-1.6

-1.2

2. Thessaloniki

Price index (2007=100)

57.2

55.2

55.2

54.8

55.0

54.7

54.5

(%) change over previous year

-5.4

-3.5

-4.9

-2.1

-0.9

-2.1

-1.3

3. Other cities

Price index (2007=100)

63.8

62.4

62.5

61.9

62.0

61.6

61.4

(%) change over previous year

-4.9

-2.3

-2.5

-1.8

-0.9

-2.3

-1.7

4. Other areas of Greece

Price index (2007=100)

66.5

64.5

64.6

64.0

64.3

64.4

64.2

(%) change over previous year

-4.6

-3.0

-3.1

-2.0

-1.5

-1.2

-0.6

5. Urban areas (total)

Price index (1997=100)

155.0

151.3

151.5

150.4

150.7

150.0

149.6

(%) change over previous year

-5.1

-2.4

-2.5

-1.5

-0.9

-1.7

-1.3


* Provisional data.
Source: Bank of Greece.

(1) Bank of Greece indices of residential property prices are based on detailed data reported to the Real Estate Market Analysis Section as from 2009, under Bank of Greece Governor’s Act 2610/31.10.2008, by all credit institutions operating in Greece. These data include banks’ appraisals of the current market value and qualitative characteristics of residential property. A total of 687.7 thousand appraisals were reported to the Bank of Greece by end-July 2017 (66.2% concerning apartments, 19.2% houses, 6.1% maisonettes, 6.1% building plots and 2.4% other types of property).

(2) Any differences between levels and percentage changes in the Table are due to rounding.