Indices of residential property prices: Q4 2017
15/02/2018 - Press Releases
According to data collected from credit institutions, (1) nominal apartment prices are estimated to have declined marginally on average by 0.3% year-on-year in the fourth quarter of 2017, whilst in 2017 the average annual decline in apartment prices was 1.0%, compared with an average decrease of 2.4% in 2016.
Indices of apartment prices by age and geographical area
More specifically, in the fourth quarter of 2017, prices of “new” apartments (up to 5 years old) as well as of “old” apartments (over 5 years old) dropped marginally by 0.3% year-on-year. For the whole of 2017, prices of “new” apartments declined by 0.8%, against a decline of 3.0% in 2016, whereas “old” apartment prices declined by 1.1% in 2017, against a decrease of 2.0% in 2016.
According to data broken down by geographical area, in the fourth quarter of 2017 apartment prices are estimated to have marginally declined year-on-year by 0.1% in Athens, 0.6% in Thessaloniki and by 0.4% in other cities and in other areas of Greece. For the whole of 2017, apartment prices declined on average by 0.9%, 1.4%, 1.3% and 0.8%, respectively, in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2017 apartment prices marginally declined by 0.3% year-on-year, whereas for 2017 the average annual decline was 1.0%.
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.
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INDICES OF APARTMENT PRICES (1) (2)
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2016
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2017*
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2016
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2017 *
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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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59.6
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59.0
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59.3
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59.0
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59.0
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58.9
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59.2
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(%) change over previous year
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-2.4
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-1.0
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-1.0
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-1.9
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-1.2
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-0.6
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-0.3
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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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61.2
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60.7
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61.0
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60.7
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60.7
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60.4
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60.8
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(%) change over previous year
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-3.0
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-0.8
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-1.3
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-1.6
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-0.9
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-0.4
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-0.3
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2. Old (over 5 years old)
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Price index (2007=100)
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58.6
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58.0
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58.3
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58.0
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57.9
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57.9
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58.1
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(%) change over previous year
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-2.0
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-1.1
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-0.9
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-2.0
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-1.4
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-0.8
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-0.3
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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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56.8
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56.3
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56.5
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56.1
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56.4
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56.4
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56.4
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(%) change over previous year
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-1.8
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-0.9
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-0.9
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-1.9
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-0.9
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-0.5
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-0.1
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2. Thessaloniki
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Price index (2007=100)
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55.3
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54.5
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55.1
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54.6
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54.5
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54.1
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54.8
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(%) change over previous year
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-3.5
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-1.4
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-0.8
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-2.4
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-1.3
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-1.2
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-0.6
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3. Other cities
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Price index (2007=100)
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62.3
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61.5
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62.0
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61.7
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61.3
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61.4
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61.7
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(%) change over previous year
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-2.3
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-1.3
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-1.0
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-2.0
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-1.9
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-0.8
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-0.4
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4. Other areas of Greece
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Price index (2007=100)
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64.6
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64.0
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64.4
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64.3
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64.1
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63.7
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64.1
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(%) change over previous year
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-3.0
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-0.8
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-1.4
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-1.5
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-0.9
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-0.6
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-0.4
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5. Urban areas (total)
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Price index (1997=100)
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151.2
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149.8
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150.5
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149.7
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149.6
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149.8
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150.1
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(%) change over previous year
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-2.4
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-1.0
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-1.0
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-1.9
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-1.3
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-0.4
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-0.3
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* Provisional data.
Source: Bank of Greece.
(1) Bank of Greece indices of residential property prices are based on detailed data of all credit institutions operating in Greece reported to the Real Estate Market Analysis Section as from 2009, under Bank of Greece Governor’s Act 2610/31.10.2008. These data include banks’ appraisals of the current market value and qualitative characteristics of residential property. A total of 699.8 thousand appraisals were reported to the Bank of Greece by end-January 2018 (66.0% concerning apartments, 19.2% houses, 6.2% maisonettes, 6.1% building plots and 2.5% other types of property).
(2) Any differences between levels and percentage changes in the Table are due to rounding.