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Indices of residential property prices: Q4 2014

05/02/2015 - Press Releases

According to data collected from credit institutions, (1) nominal apartment prices are estimated to have declined on average by 5.8% year-on-year in the fourth quarter of 2014 (revised data on annual rates of change: Q1: -8.9%, Q2: -7.9% and Q3: -7.0%). Apartment prices fell by 7.5% on average in 2014, compared with 10.9% in 2013.

Apartment prices by age and geographical area

More specifically, the prices of “new” apartments, i.e. up to 5 years old, dropped year-on-year in the fourth quarter of 2014 by 5.4% (Q1: -8.4%, Q2: -6.5% and Q3: -5.7%, according to revised data), and the prices of “old” apartments, i.e. over 5 years old, fell by 6.1% (2014 Q1: -9.2%, Q2: -8.8%, Q3: -7.9%). The prices of “new” apartments declined by 6.6% on average in 2014, against 10.9% in 2013, whereas for “old” apartments prices declined by 8.0% in 2014, against 10.8% in 2013.

According to data broken down by geographical area, apartment prices are estimated to have declined year-on-year in the fourth quarter of 2014 by 6.6% in Athens, 6.9% in Thessaloniki, 5.9% in other big cities and 3.9% in other areas of Greece. For the whole of 2014, the respective annual rates of change were -9.1%, -6.6%, -6.7% and -5.2%. Apartment prices in all urban areas of the country declined by 6.1% year-on-year in the fourth quarter of 2014, whereas for the whole of 2014 the average annual decline was 7.9%.

More 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 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.

Residential property appraisals

Residential property appraisals conducted with Monetary Financial Institution intermediation for any purpose (transaction in residential property, renegotiation of existing loans, registration of a mortgage to back non-housing loans, debt transfers from one bank to another, etc.) came to 3,642 in the fourth quarter of 2014, compared with 4,778 in the third quarter, 3,636 in the second quarter and 4,275 in the first quarter of 2014 (revised data). Year-on-year, the number of residential property appraisals fell, by 13.2%, in the fourth quarter of 2014 (first, second and third quarters of 2014: -59.8%, -29.0% and
6.3% respectively). Τhe number of appraisals in 2014 reached 16,331, recording a significant drop of 33.2% year-on-year.

INDICES OF APARTMENT PRICES (1)

 

2013

2014*

2013

2014 *

Q4

Q1*

Q2*

Q3*

Q4*

Ι. Overall

    Price index (2007=100)

69.5

64.3

66.9

65.7

64.7

63.9

63.0

(%) change over previous year

-10.9

-7.5

-9.6

-8.9

-7.9

-7.0

-5.8

 

 

 

II. BY AGE

   1.  New (up to 5 years old)

    Price index (2007=100)

71.4

66.7

69.3

68.1

67.1

66.2

65.5

(%) change over previous year

-10.9

-6.6

-10.7

-8.4

-6.5

-5.7

-5.4

   2.  Old (over 5 years old)

 

    Price index (2007=100)

68.3

62.8

65.4

64.2

63.1

62.5

61.4

  (%) change over previous year

-10.8

-8.0

-8.9

-9.2

-8.8

-7.9

-6.1

 

 

 

ΙΙΙ. BY GEOGRAPHICAL AREA

   1.  Athens

    Price index (2007=100)

67.5

61.3

64.4

62.9

61.2

61.0

60.1

  (%) change over previous year

-12.3

-9.1

-11.4

-10.7

-9.9

-9.1

-6.6

   2.  Thessaloniki

   Price index (2007=100)

64.7

60.4

62.8

62.4

62.2

58.6

58.4

  (%) change over previous year

-9.1

-6.6

-8.5

-8.4

-4.9

-6.3

-6.9

   3.  Other cities

   Price index (2007=100)

71.9

67.1

69.7

68.0

67.7

66.9

65.6

  (%) change over previous year

-10.4

-6.7

-9.0

-8.2

-6.6

-6.1

-5.9

   4.  Other areas of Greece

   Price index (2007=100)

73.3

69.5

71.0

70.7

69.8

69.3

68.2

  (%) change over previous year

-9.1

-5.2

-7.1

-6.4

-6.4

-4.1

-3.9

   5.  Urban areas (total)

 Price index (1997=100)

177.4

163.3

170.2

167.2

164.5

161.9

159.9

  (%) change over previous year

-10.9

-7.9

-10.1

-9.5

-8.2

-7.9

-6.1

* 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 647,326 appraisals were reported to the Bank of Greece by end-January 2015 (66.6% concerning apartments, 19.3% houses, 6.0% maisonettes, 6.0% building plots and 2.1% other types of property).

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