Indices of residential property prices: Q4 2022
22/03/2023 - Press Releases
- Ιn the fourth quarter of 2022, the annual rate of change in apartment prices for the entire country stood at 12.2%.
- Broken down by age of property, the annual rate of change in prices of new apartments was 12.1% and of old apartments 12.2%.
- Broken down by region, the annual rate of change in prices of apartments was 15.2% in Athens, 14.5% in Thessaloniki, 10.3% 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 12.2% year-on-year in the fourth quarter of 2022, while in 2022 apartment prices increased at an average annual rate of 11.1%, compared with an average increase of 7.6% in 2021.
More specifically, in the fourth quarter of 2022 the year-on-year rate of increase in prices was 12.1% for new apartments (up to 5 years old) and 12.2% for old apartments (over 5 years old). For 2022, prices of new apartments increased on average by 11.8%, against an increase of 8.2% in 2021, whereas prices of old apartments increased by 10.5% in 2022, against an increase of 7.2% in 2021.
Broken down by region, in the fourth quarter of 2022 apartment prices increased year-on-year by 15.2% in Athens, 14.5% in Thessaloniki, 10.3% in other cities and 6.3% in other areas of Greece. For 2022 as a whole, prices increased on average by 13.0%, 11.8%, 10.0% and 7.4% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2022 apartment prices increased by 13.0% compared to the fourth quarter of 2021, while for 2022 they increased at an average annual rate of 11.5%.
* Provisional data.
Source: Bank of Greece.
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 872.7 thousand valuations were reported to the Bank of Greece with reference period up to end-December 2022 (65.0% concerning apartments, 18.7% houses, 6.2% maisonettes, 6.2% building plots and 3.9% other types of property).
Residential and commercial property price indices and other short-term indices
Machine-readable data sets (Open Data): Real Estate Market