Press Releases

Indices of house prices and residential property transactions: Q3 2013

15/11/2013 - Press Releases

According to data collected from credit institutions,(1) nominal apartment prices are estimated to have declined on average by 9.2% year-on-year in the third quarter of 2013. For the first and second quarters of 2013, based on revised data, apartment prices fell at an annual rate of 11.6% and 11.8%, respectively, while for the whole of 2012 the average decline was 11.7% (Q1: -10.6%, Q2: -10.8%, Q3: -12.6% and Q4: -12.9%) versus 5.5% in 2011.


Apartment prices by age and geographical area
More specifically, the year-on-year rate of decline in prices was 10.4% for "new" apartments, (i.e. up to 5 years old) and 8.4% for "old" apartments (i.e. over 5 years old) in the third quarter of 2013. In 2012 as a whole, based on revised data, the average annual rate of decline in the prices of "new" and "old" apartments was 12.1% and 11.4% respectively.

According to data broken down by geographical area, apartment prices are estimated to have declined year-on-year in the third quarter of 2013 by 11.0% in Athens, 9.5% in Thessaloniki, 8.4% in other cities and 6.0% in other areas of Greece. In 2012 prices dropped on average year-on-year by 11.8%, 13.6%, 10.8% and 11.6% respectively, according to revised data.

More detailed tables on house prices by geographical area (Athens, Thessaloniki, other cities and other areas) and with a break data into “new” (up to 5 years old) and “old” (over 5 years old) apartments are published in the Bulletin of Conjunctural Indicators (Tables ΙΙ.7.1 and ΙΙ.7.2) and are also available on the Bank of Greece’s website.


Indices of residential property appraisals-transactions (2)
Residential property appraisals-transactions conducted with Monetary Financial Institution intermediation for any purpose (transaction in residential property, renegotiation of existing loans, registration of a mortgage to back non-housing loans, debt transfers from one bank to another, etc.) came to 4,178 in the third quarter of 2013, down from 5,905 and 4,855 in the first and second quarters of 2013, respectively (revised data). Year-on-year, residential property appraisals fell by 27.8% in the third quarter of 2013 (first and second quarters of 2013: -10.4% and -29.9%, respectively). Τhe number of appraisals in 2012 reached 30,716 (revised data), following a significant drop of 28.3% year-on-year.

The volume of residential property appraisals-transactions based on total square metres declined by 29.6% year-on-year in the third quarter of 2013 (first and second quarters of 2013: -11.7% and -30.7%, respectively), and for the whole of 2012, based on revised data, this volume declined at an average annual rate of 27.3%.

Finally, the value of residential property appraisals-transactions conducted with Monetary Financial Institution intermediation dropped by 32.5% year-on-year in the third quarter of 2013 (first and second quarters of 2013: -24.3% and -39.2%, respectively). In 2012, the average annual rate of change was -36.5% (revised data).

 

 

INDICES OF APARTMENT PRICES (1) (2007=100)
	2011	2012*	2012*		2013*
			Q3	Q4*	Q1*	Q2*	Q3*
Ι. Summary
Price index	88.2	77.9	76.6	73.9	72.0	70.3	69.6
(%) change over previous year	-5.5%	-11.7%	-12.6%	-12.9%	-11.6%	-11.8%	-9.2%
II. BY AGE
1.  New (up to 5 years old)
Price index	91.2	80.1	78.8	77.5	74.2	72.1	70.7
(%) change over previous year	-5.0%	-12.1%	-13.7%	-11.2%	-10.4%	-11.3%	-10.4%
2.  Old (over 5 years old)
Price index	86.4	76.5	75.2	71.6	70.7	69.2	68.9
(%) change over previous year	-5.8%	-11.4%	-11.8%	-14.1%	-12.4%	-12.1%	-8.4%
ΙΙΙ. BY GEOGRAPHICAL AREA
1.  Athens
Price index	87.2	76.9	75.9	72.6	70.2	68.1	67.5
(%) change over previous year	-6.4%	-11.8%	-12.7%	-13.1%	-13.2%	-12.9%	-11.0%
2.  Thessaloniki
Price index	82.4	71.2	69.0	68.4	68.4	65.6	62.4
(%) change over previous year	-6.8%	-13.6%	-14.6%	-13.0%	-7.3%	-10.6%	-9.5%
3.  Other cities
Price index	89.9	80.2	79.0	76.5	73.7	72.7	72.4
(%) change over previous year	-4.1%	-10.8%	-11.2%	-12.3%	-11.7%	-11.3%	-8.4%
4.  Other areas of Greece
Price index	91.2	80.6	78.7	76.3	75.8	74.6	74.0
(%) change over previous year	-4.4%	-11.6%	-13.0%	-13.2%	-10.0%	-10.4%	-6.0%
INDICES OF HOUSE APPRAISALS-TRANSACTIONS WITH MONETARY FINANCIAL INSTITUTIONS INTERMEDIATION (2)
	2011	2012*	2012*		2013*
			Q3	Q4*	Q1*	Q2*	Q3*
1.  Appraisals-transactions
Number of appraisals-transactions	42,814	30,716	5,788	11,406	5,905	4,855	4,178
(%) change over previous year	-42.5%	-28.3%	-40.4%	38.2%	-10.4%	-29.9%	-27.8%
2.  Volume of appraisals-transactions (total m2)
Volume index (2007=100)	28.1	20.5	15.5	30.2	15.6	12.8	10.9
(%) change over previous year	-39.8%	-27.3%	-39.5%	36.4%	-11.7%	-30.7%	-29.6%
3.  Value of appraisals-transactions
Value index (2007=100)	27.0	17.1	12.9	23.7	12.2	9.6	8.7
(%) change over previous year	-40.1%	-36.5%	-46.2%	16.3%	-24.3%	-39.2%	-32.5%

* Provisional data.
Source: Bank of Greece. 

(1) Bank of Greece indices of house prices and of the number and volume of residential property transactions use detailed data reported to the Bank of Greece by all credit institutions operating in Greece. These data are compiled by the Real Estate Market Analysis Section of the Bank of Greece as from 2009, under Bank of Greece Governor’s Act 2610/31.10.2008, and include banks’ appraisals of the current market value and qualitative characteristics of residential property. A total of 587,615 appraisals were reported to the Bank of Greece (by end-October 2013) (67.0% concerning apartments, 19.3% houses, 5.9% maisonettes, 5.7% building plots and 2.1% other types of property).
(2) The indices of residential property transactions are based on appraisal reports by banks’ engineers regarding the value and qualitative characteristics of residential property financed or used as collateral for loans extended by credit institutions. Part of these appraisals may not be associated with residential property transactions, but concern the renegotiation of existing loans, registration of a mortgage to back non-housing loans, debt transfers from one bank to another, etc.