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Indices of residential property prices: Q3 2015

25/11/2015 - Press Releases

According to data collected from credit institutions,(1) nominal apartment prices are estimated to have declined on average by 6.1% year-on-year in the third quarter of 2015. According to revised data, for the first and second quarters of 2015 apartment prices fell at an annual rate of 3.9% and 5.0% respectively, whereas for 2014 as a whole the average annual decline was 7.5%.

Indices of apartment prices by age and geographical area

More specifically, the year-on-year rate of decline in prices was 6.7% for "new" apartments, (i.e. up to 5 years old) and 5.8% for "old" apartments (i.e. over 5 years old) in the third quarter of 2015. According to revised data, in 2014 as a whole the average annual rate of decline in the prices of "new" and "old" apartments was 6.5% and 8.1% respectively.
 
According to data broken down by geographical area, in the third quarter of 2015 apartment prices are estimated to have declined year-on-year by 6.8% in Athens, 5.8% in Thessaloniki, 5.7% in other cities and 5.4% in other areas of Greece. According to revised data, for the whole 2014, apartment prices dropped on average year-on-year by 9.4%, 6.5%, 6.5% and 4.9% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, apartment prices declined by 6.0% year-on-year in the third quarter of 2015, whilst based on revised data for 2014 as a whole they declined at an average annual rate of 7.9% (the apartment price index for urban areas, according to law 4254/2014, is used to compute the capital gains tax on property transfers).

Detailed tables on house prices by geographical area, 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.

 

 

INDICES OF APARTMENT PRICES (1)

 

2014*

2014 *

2015 *

Q3

Q4*

Q1*

Q2*

Q3*

Ι. Overall

        Price index (2007=100)

64.31

64.04

63.19

63.03

61.20

60.11

        (%) change over previous year

-7.5

-6.9

-5.5

-3.9

-5.0

-6.1

 

 

 

 

II. BY AGE

   1.  New (up to 5 years old)

        Price index (2007=100)

66.76

66.23

65.55

65.20

63.11

61.79

        (%) change over previous year

-6.5

-5.6

-5.4

-4.2

-6.1

-6.7

   2.  Old (over 5 years old)

        Price index (2007=100)

62.78

62.67

61.71

61.68

60.01

59.05

        (%) change over previous year

-8.1

-7.7

-5.6

-3.7

-4.3

-5.8

 

 

 

 

ΙΙΙ. BY GEOGRAPHICAL AREA

   1.  Athens

        Price index (2007=100)

61.11

61.12

59.96

59.49

57.57

56.96

        (%) change over previous year

-9.4

-9.0

-6.9

-4.9

-5.3

-6.8

   2.  Thessaloniki

        Price index (2007=100)

60.51

59.51

59.03

59.45

57.83

56.07

        (%) change over previous year

-6.5

-4.9

-5.9

-4.6

-5.5

-5.8

   3.  Other cities

        Price index (2007=100)

67.18

66.82

65.96

65.97

64.27

63.00

        (%) change over previous year

-6.5

-6.3

-5.4

-3.0

-5.4

-5.7

   4.  Other areas of Greece

        Price index (2007=100)

69.75

69.27

68.94

69.03

67.15

65.50

        (%) change over previous year

-4.9

-4.2

-2.9

-2.6

-4.0

-5.4

   5.  Urban areas (total)

        Price index (1997=100)

163.34

162.27

160.77

160.23

155.57

152.49

        (%) change over previous year

-7.9

-7.7

-5.6

-3.8

-5.0

-6.0

* 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 657,5 thousand appraisals were reported to the Bank of Greece by end-October 2015 (66.5% concerning apartments, 19.3% houses, 6.0% maisonettes, 6.0% building plots and 2.2% other types of property).

 

 

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