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11/06/2019 - Indices of residential property prices: Q1 2019

According to data collected from credit institutions,(1) nominal apartment prices are estimated to have increased, on average, by 4.0% year-on-year in the first quarter of 2019. According to revised data, the average annual rate of increase was 1.6% in 2018 (Q1: 0.5%, Q2: 1.2%,
Q3: 2.2% and Q4: 2.6%), against a decrease of 1.0% in 2017.

Indices of apartment prices by age and geographical area

More specifically, in the first quarter of 2019, prices of “new” apartments (up to 5 years old) increased by 4.0% year-on-year, whereas prices of “old” apartments (over 5 years old) increased by 3.9% year-on-year. According to revised data, prices of “new” apartments increased by 1.8% on average in 2018, against a decline of 0.8% in 2017, whereas “old” apartment prices increased by 1.4% in 2018, against a drop of 1.2% in 2017.

According to regional data, in the first quarter of 2019, apartment prices are estimated to have increased by 5.8% year-on-year in Athens, 3.9% in Thessaloniki, 1.9% in other cities and 2.6% in other areas of Greece. For the whole of 2018, based on revised data, apartment prices increased on average by 2.5%, 1.0%, 0.7% and 0.9%, respectively, in the above-mentioned areas. Finally, as regards all urban areas of the country, in the first quarter of 2019, apartment prices increased by 4.4% year-on-year, whereas for the whole of 2018 the average annual increase was 1.6%, against a drop of 1.1% in 2017.

Detailed tables on house prices by geographical area and with a distinction between “new” and “old” apartments, are published in the “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)

 

2017

2018 *

2018 *

2019 *

Q1

Q2*

Q3*

Q4*

Q1*

Ι. OVERALL

Price index (2007=100)

59.0

59.9

59.3

59.7

60.1

60.6

61.6

(%) change over previous year

-1.0

1.6

0.5

1.2

2.2

2.6

4.0

 

 

 

II. BY AGE

1. New (up to 5 years old)

Price index (2007=100)

60.7

61.8

61.2

61.6

62.0

62.5

63.6

(%) change over previous year

-0.8

1.8

0.7

1.3

2.6

2.7

4.0

2. Old (over 5 years old)

 

Price index (2007=100)

57.9

58.8

58.1

58.6

59.0

59.4

60.4

(%) change over previous year

-1.2

1.4

0.3

1.1

1.9

2.5

3.9

 

 

 

ΙΙΙ. BY GEOGRAPHICAL AREA

1. Athens

Price index (2007=100)

56.2

57.7

56.5

57.3

58.1

58.7

59.8

(%) change over previous year

-1.0

2.5

0.8

1.7

3.4

4.3

5.8

2. Thessaloniki

Price index (2007=100)

54.5

55.0

54.6

54.8

54.8

55.8

56.8

(%) change over previous year

-1.4

1.0

0.2

0.4

1.3

2.0

3.9

3. Other cities

Price index (2007=100)

61.6

62.1

61.9

62.1

62.1

62.3

63.1

(%) change over previous year

-1.1

0.7

0.2

1.0

0.9

0.9

1.9

4. Other areas of Greece

Price index (2007=100)

64.1

64.7

64.4

64.6

64.7

65.0

66.1

(%) change over previous year

-0.7

0.9

0.2

0.7

1.5

1.3

2.6

5. Urban areas (total)

Price index (1997=100)

149.6

152.0

149.9

151.4

152.8

153.8

156.4

(%) change over previous year

-1.1

1.6

0.2

1.2

2.2

2.9

4.4

* 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 737.3 thousand appraisals were reported to the Bank of Greece by end-April 2019 (65.7% concerning apartments, 19.1% houses, 6.2% maisonettes, 6.2% building plots and 2.8% other types of property).

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