Indices of residential property prices: Q2 2022
15/09/2022 - Press Releases
- Ιn the second quarter of 2022, the annual rate of change in apartment prices for the entire country stood at 9.4%.
- Broken down by age of property, the annual rate of change in new apartment prices was 10.5% and in old apartment 8.7%.
- Broken down by region, the annual rate of change in apartment prices was 10.9% in Athens, 10.4% in Thessaloniki, 8.9% in other cities and 6.3% in other areas of Greece.
According to data collected from credit institutions, apartment prices (in nominal terms) are estimated to have increased on average by 9.4% year-on-year in the second quarter of 2022. According to revised data, the respective increase in the first quarter of 2022 was 9.3%, while in 2021 apartment prices increased by an average annual rate of 7.5%.
More specifically, in the second quarter of 2022 the year-on-year rate of increase in prices was 10.5% for new apartments (up to 5 years old) and 8.7% for old apartments (over 5 years old). According to revised data, in the first quarter of 2022 an increase of 10.4% year-on-year was recorded in prices for new apartments, whereas for old apartments the prices increased by 8.5%. In 2021, the average annual rates of increase were 8.0% and 7.1% for new and old apartments, respectively.
Broken down by region, in the second quarter of 2022 apartment prices increased year-on-year by 10.9% in Athens, 10.4% in Thessaloniki, 8.9% in other cities and 6.3% in other areas of Greece. According to revised data, in the first quarter of 2022 apartment prices increased by 10.5% in Athens, 9.4% in Thessaloniki, 8.8% in other cities and 6.8% in other areas of Greece, compared with the first quarter of 2021. For 2021 as a whole, prices increased on average by 9.6%, 7.3%, 5.7% and 4.8% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the second quarter of 2022 apartment prices increased year-on-year by 9.5%. Based on revised data, in the first quarter of 2022 apartment prices in all urban areas increased by 9.8% year-on-year, while for 2021 they increased at an average annual rate of 7.9%.
| INDICES OF APARTMENT PRICES (1) | |
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| 2020 | 2021 * | 2021 * | 2022 * | |
| Q2 | Q3* | Q4* | Q1* | Q2* | |
| Ι. TOTAL | |
| Price index (2007=100) | 67.3 | 72.3 | 71.7 | 73.6 | 74.2 | 76.3 | 78.5 | |
| (%) change over previous year | 4.5 | 7.5 | 6.9 | 8.7 | 9.7 | 9.3 | 9.4 | |
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| II. BY AGE | |
| 1. New (up to 5 years old) | |
| Price index (2007=100) | 70.0 | 75.6 | 74.7 | 76.5 | 78.2 | 80.5 | 82.6 | |
| (%) change over previous year | 4.9 | 8.0 | 7.3 | 8.8 | 11.1 | 10.4 | 10.5 | |
| 2. Old (over 5 years old) | |
| Price index (2007=100) | 65.6 | 70.3 | 69.9 | 71.8 | 71.6 | 73.6 | 75.9 | |
| (%) change over previous year | 4.2 | 7.1 | 6.7 | 8.5 | 8.8 | 8.5 | 8.7 | |
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| ΙΙΙ. BY GEOGRAPHICAL AREA | |
| 1. Athens | |
| Price index (2007=100) | 68.9 | 75.5 | 74.8 | 76.7 | 77.9 | 80.1 | 82.9 | |
| (%) change over previous year | 7.8 | 9.6 | 9.3 | 10.6 | 11.2 | 10.5 | 10.9 | |
| 2. Thessaloniki | |
| Price index (2007=100) | 61.8 | 66.4 | 65.7 | 67.8 | 67.7 | 70.3 | 72.6 | |
| (%) change over previous year | 5.0 | 7.3 | 6.0 | 9.3 | 9.0 | 9.4 | 10.4 | |
| 3. Other cities | |
| Price index (2007=100) | 64.6 | 68.3 | 67.7 | 69.7 | 69.9 | 71.6 | 73.7 | |
| (%) change over previous year | 0.2 | 5.7 | 4.9 | 6.7 | 9.0 | 8.8 | 8.9 | |
| 4. Other areas of Greece | |
| Price index (2007=100) | 69.0 | 72.4 | 72.0 | 73.4 | 73.5 | 75.3 | 76.5 | |
| (%) change over previous year | 1.9 | 4.8 | 4.2 | 6.2 | 7.5 | 6.8 | 6.3 | |
| 5. Urban areas (total) | |
| Price index (1997=100) | 171.3 | 184.8 | 183.2 | 188.4 | 189.9 | 195.0 | 200.6 | |
| (%) change over previous year | 4.8 | 7.9 | 7.1 | 9.2 | 10.4 | 9.8 | 9.5 | |
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(1) Any differences between levels and percentage changes in the table are due to rounding.
* Provisional data.
Source: Bank of Greece.
Related Information:
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’ valuations of the current market value and qualitative characteristics of residential property. A total of 859.4 thousand valuations were reported to the Bank of Greece with reference period up to end-June 2022 (65.0% concerning apartments, 18.7% houses, 6.2% maisonettes, 6.2% building plots and 3.9% other types of property).
Related links:
Residential and commercial property price indices and other short-term indices
Machine-readable data sets (Open Data): Real Estate Market