According to data collected from credit institutions,(1) nominal apartment prices are estimated to have declined marginally, on average, by 0.2% year-on-year in the first quarter of 2018. According to revised data, the average annual rate of change was -1.0% in 2017 (Q1: -1.9%, Q2: -1.0%,
Q3: -0.8% and Q4: -0.4%), compared with -2.4% in 2016.
Indices of apartment prices by age and geographical area
More specifically, in the first quarter of 2018, the prices of “new” apartments (up to 5 years old) declined marginally by 0.1% year-on-year and the prices of “old” apartments (over 5 years old) also fell marginally by 0.3% year-on-year. According to revised data, the prices of “new” apartments declined by 0.8% on average in 2017, against a decline of 3.0% in 2016, whereas “old” apartment prices declined by 1.2% in 2017, against a drop of 2.0% in 2016.
According to regional data, in the first quarter of 2018 apartment prices are estimated to have declined marginally by 0.1% year-on-year in Athens, 0.3% in Thessaloniki and in other cities and 0.4% in other areas of Greece. For the whole of 2017, based on revised data, apartment prices dropped on average by 0.9%, 1.4%, 1.2% and 0.9%, respectively, in the above-mentioned areas. Finally, as regards all urban areas of the country, in the first quarter of 2018, apartment prices remained unchanged year-on-year, whereas for the whole of 2017 the average annual decline was 1.0%, against a drop of 2.4% in 2016.
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.
* 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 709.3 thousand appraisals were reported to the Bank of Greece by end-April 2018 (65.9% concerning apartments, 19.1% houses, 6.2% maisonettes, 6.2% building plots and 2.6% other types of property).
(2) Any differences between levels and percentage changes in the Table are due to rounding.