rIndices of residential property prices: Q2 2016
25/08/2016 - Press Releases
According to data collected from credit institutions,(1) nominal apartment prices are estimated to have declined on average by 2.7% year-on-year in the second quarter of 2016. According to revised data, the respective decline in the first quarter of 2016 was 4.7%, while the average annual rate of decline in 2015 was 5.0%.
Indices of apartment prices by age and geographical area
More specifically, in the second quarter of 2016 the year-on-year rate of decline in prices was 3.3% for "new" apartments (up to 5 years old) and 2.3% for "old" apartments (over 5 years old). According to revised data, the respective decline in the first quarter of 2016 was 5.3% for "new" apartments against 4.4% for "old" apartments, while the average annual rate of change in 2015 was
-5.5% and -4.6% respectively.
According to data broken down by geographical area, in the second quarter of 2016 apartment prices are estimated to have declined year-on-year by 2.4% in Athens, 4.0% in Thessaloniki, 3.5% in other cities and 2.0% in other areas of Greece. According to revised data, the respective decline in the first quarter of 2016 was 4.1% in Athens, 5.9% in Thessaloniki, 5.2% in other cities and 5.0% in other areas of Greece, while for the whole of 2015 prices dropped on average by 5.1%, 5.2%, 5.2% and 4.4% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the second quarter of 2016 apartment prices declined year-on-year by 2.9%. Based on revised data, in the first quarter of 2016 apartment prices in all urban areas declined year-on-year by 4.9%, while for 2015 as a whole they declined at an average annual rate of 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 Bank of Greece’s “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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2015 *
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2016 *
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Q2
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Q3*
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Q4*
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Q1*
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Q2*
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Ι. Overall
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Price index (2007=100)
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64.31
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61.11
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61.22
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60.33
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60.00
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59.92
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59.55
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(%) change over previous year
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-7.5
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-5.0
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-5.0
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-5.8
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-5.0
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-4.7
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-2.7
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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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63.09
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63.33
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62.03
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61.82
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61.73
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61.24
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(%) change over previous year
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-6.5
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-5.5
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-5.7
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-6.3
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-5.6
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-5.3
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-3.3
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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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59.88
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59.90
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59.27
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58.87
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58.79
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58.50
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(%) change over previous year
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-8.1
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-4.6
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-4.5
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-5.4
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-4.6
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-4.4
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-2.3
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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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57.99
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57.90
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57.46
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57.21
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56.95
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56.50
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(%) change over previous year
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-9.4
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-5.1
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-4.7
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-6.0
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-4.7
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-4.1
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-2.4
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2. Thessaloniki
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Price index (2007=100)
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60.48
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57.32
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58.07
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56.04
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55.72
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55.96
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55.74
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(%) change over previous year
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-6.6
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-5.2
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-5.1
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-5.8
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-5.4
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-5.9
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-4.0
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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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63.68
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64.06
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62.74
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62.24
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62.29
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61.81
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(%) change over previous year
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-6.6
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-5.2
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-5.7
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-6.1
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-5.6
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-5.2
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-3.5
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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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66.68
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66.67
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65.75
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65.43
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65.45
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65.31
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(%) change over previous year
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-4.9
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-4.4
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-4.7
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-5.1
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-5.0
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-5.0
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-2.0
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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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155.11
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155.50
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153.04
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152.12
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151.99
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150.98
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(%) change over previous year
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-8.0
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-5.0
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-5.0
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-5.7
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-5.2
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-4.9
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-2.9
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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 668.1 thousand appraisals were reported to the Bank of Greece by end-July 2016 (66.4% concerning apartments, 19.2% houses, 6.1% maisonettes, 6.1% building plots and 2.2% other types of property).