Indices of residential property prices: Q4 2021
22/03/2022 - Press Releases
-Ιn the fourth quarter of 2021, the annual rate of change in apartment prices for the entire country stood at 9.1%.
-Broken down by age of property, the annual rate of change in prices of new apartments was 9.8% and of old apartments 8.6%.
-Broken down by region, the annual rate of change in prices of apartments was 10.5% in Athens, 8.3% in Thessaloniki and other cities and 7.1% 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 9.1% year-on-year in the fourth quarter of 2021, while in 2021 apartment prices increased by an average annual rate of 7.1%, compared with an average increase of 4.5% in 2020.
More specifically, in the fourth quarter of 2021 the year-on-year rate of increase in prices was 9.8% for new apartments (up to 5 years old) and 8.6% for old apartments (over 5 years old). For 2021, prices of new apartments increased on average by 7.4%, against an increase of 4.9% in 2020, whereas prices of old apartments increased by 6.9% in 2021, against an increase of 4.2% in 2020.
Broken down by region, in the fourth quarter of 2021 apartment prices increased year-on-year by 10.5% in Athens, 8.3% in Thessaloniki and other cities and 7.1% in other areas of Greece. For 2021 as a whole, prices increased on average by 9.1%, 6.9%, 5.4% and 4.6% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2021 apartment prices increased by 9.7% compared to the fourth quarter of 2020, while for 2021 they increased at an average annual rate of 7.5%.
| INDICES OF APARTMENT PRICES (1) | |
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| 2020 | 2021 * | 2020 | 2021 * | |
| Q4 | Q1* | Q2* | Q3* | Q4* | |
| Ι. OVERALL | |
| Price index (2007=100) | 67.3 | 72.1 | 67.6 | 69.7 | 71.5 | 73.3 | 73.7 | |
| (%) change over previous year | 4.5 | 7.1 | 3.2 | 4.5 | 6.5 | 8.3 | 9.1 | |
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| |
| II. BY AGE | |
| 1. New (up to 5 years old) | |
| Price index (2007=100) | 70.0 | 75.2 | 70.4 | 72.8 | 74.4 | 76.1 | 77.4 | |
| (%) change over previous year | 4.9 | 7.4 | 2.6 | 4.8 | 6.8 | 8.3 | 9.8 | |
| 2. Old (over 5 years old) | |
| Price index (2007=100) | 65.6 | 70.2 | 65.8 | 67.9 | 69.7 | 71.6 | 71.5 | |
| (%) change over previous year | 4.2 | 6.9 | 3.6 | 4.2 | 6.4 | 8.3 | 8.6 | |
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| ΙΙΙ. BY GEOGRAPHICAL AREA | |
| 1. Athens | |
| Price index (2007=100) | 68.9 | 75.2 | 70.0 | 72.4 | 74.4 | 76.4 | 77.4 | |
| (%) change over previous year | 7.8 | 9.1 | 6.3 | 7.0 | 8.8 | 10.1 | 10.5 | |
| 2. Thessaloniki | |
| Price index (2007=100) | 61.8 | 66.1 | 62.0 | 64.3 | 65.5 | 67.5 | 67.2 | |
| (%) change over previous year | 5.0 | 6.9 | 4.5 | 4.8 | 5.6 | 8.8 | 8.3 | |
| 3. Other cities | |
| Price index (2007=100) | 64.6 | 68.1 | 64.2 | 65.7 | 67.6 | 69.4 | 69.5 | |
| (%) change over previous year | 0.2 | 5.4 | -0.4 | 2.1 | 4.8 | 6.4 | 8.3 | |
| 4. Other areas of Greece | |
| Price index (2007=100) | 69.0 | 72.2 | 68.4 | 70.4 | 71.8 | 73.3 | 73.2 | |
| (%) change over previous year | 1.9 | 4.6 | -0.2 | 1.4 | 3.9 | 6.0 | 7.1 | |
| 5. Urban areas (total) | |
| Price index (1997=100) | 171.3 | 184.1 | 172.0 | 177.6 | 182.6 | 187.6 | 188.7 | |
| (%) change over previous year | 4.8 | 7.5 | 3.3 | 4.6 | 6.8 | 8.8 | 9.7 | |
(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 844.2 thousand valuations were reported to the Bank of Greece with reference period up to end-December 2021 (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