Indices of residential property prices: Q4 2015
15/02/2016 - Press Releases
According to data collected from credit institutions,(1) nominal apartment prices are estimated to have declined on average by 5.4% year-on-year in the fourth quarter of 2015, whilst in 2015 as a whole apartment prices fell on average by 5.1%, compared with an average drop of 7.5% in 2014.
Indices of apartment prices by age and geographical area
More specifically, in the fourth quarter of 2015 the prices of “new” apartments, i.e. up to 5 years old, dropped by 5.7% year-on-year and the prices of “old” apartments, i.e. over 5 years old, fell by 5.2% year-on-year. The prices of “new” apartments declined by 5.5% on average in 2015, against a decline of 6.5% in 2014, whereas “old” apartment prices declined by 4.7% in 2015, against a drop of 8.1% in 2014.
According to data broken down by geographical area, in the fourth quarter of 2015 apartment prices are estimated to have declined year-on-year by 4.9% in Athens, 5.9% in Thessaloniki, 6.1% in other cities and 5.3% in other areas of Greece. For the whole of 2015, apartment prices dropped on average by 5.3%, 5.3%, 5.2% and 4.4% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2015 apartment prices declined by 5.5% year-on-year, whereas for the whole of 2015 the average annual decline was 5.0% (the apartment price index for urban areas, according to Law 4254/2014, is used to compute the capital gains tax on property transfers).
Detailed tables on house prices by geographical area and with a distinction between “new” (up to 5 years old) and “old” (over 5 years 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’s website under “Real Estate Market Analysis”.
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INDICES OF APARTMENT PRICES (1)
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2014
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2015*
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2014
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2015 *
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Q4
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Q1*
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Q2*
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Q3*
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Q4*
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Ι. Overall
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Price index (2007=100)
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64.31
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61.06
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63.18
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62.96
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61.17
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60.32
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59.78
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(%) change over previous year
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-7.5
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-5.1
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-5.5
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-4.0
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-5.0
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-5.8
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-5.4
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II. BY AGE
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1. New (up to 5 years old)
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Price index (2007=100)
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66.75
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63.06
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65.51
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65.26
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63.13
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62.08
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61.78
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(%) change over previous year
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-6.5
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-5.5
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-5.4
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-4.2
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-6.0
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-6.3
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-5.7
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2. Old (over 5 years old)
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Price index (2007=100)
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62.78
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59.81
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61.73
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61.53
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59.95
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59.22
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58.53
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(%) change over previous year
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-8.1
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-4.7
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-5.6
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-3.9
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-4.4
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-5.5
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-5.2
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ΙΙΙ. BY GEOGRAPHICAL AREA
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1. Athens
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Price index (2007=100)
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61.12
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57.91
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60.02
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59.49
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57.72
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57.34
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57.08
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(%) change over previous year
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-9.4
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-5.3
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-6.8
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-4.9
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-5.0
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-6.2
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-4.9
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2. Thessaloniki
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Price index (2007=100)
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60.48
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57.27
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58.91
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59.58
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57.98
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56.12
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55.41
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(%) change over previous year
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-6.6
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-5.3
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-6.1
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-4.4
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-5.2
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-5.7
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-5.9
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3. Other cities
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Price index (2007=100)
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67.17
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63.65
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65.91
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65.66
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64.06
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63.02
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61.86
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(%) change over previous year
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-6.6
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-5.2
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-5.5
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-3.4
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-5.7
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-5.7
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-6.1
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4. Other areas of Greece
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Price index (2007=100)
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69.74
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66.66
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68.88
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68.96
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66.84
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65.65
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65.20
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(%) change over previous year
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-4.9
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-4.4
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-3.0
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-2.7
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-4.4
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-5.2
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-5.3
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5. Urban areas (total)
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Price index (1997=100)
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163.28
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155.13
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160.54
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159.89
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155.59
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153.30
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151.76
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(%) change over previous year
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-8.0
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-5.0
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-5.7
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-4.0
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-5.0
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-5.5
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-5.5
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* 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 661.2 thousand appraisals were reported to the Bank of Greece by end-January 2016 (66.4% concerning apartments, 19.3% houses, 6.0% maisonettes, 6.1% building plots and 2.2% other types of property).