Indices of residential property prices: Q1 2021
18/05/2021 - Press Releases
According to data collected from credit institutions,(1) nominal apartment prices are estimated to have increased on average by 3.2% year-on-year in the first quarter of 2021. According to revised data, the average annual rate of increase was 4.3% in 2020, against an increase of 7.2% in 2019.
Indices of apartment prices by age and geographical area
More specifically, in the first quarter of 2021, the year-on-year rate of increase in prices was 2.9% for new apartments (up to 5 years old) and 3.4% for old apartments (over 5 years old). For 2020, according to revised data, prices of new apartments increased on average by 4.7%, against an increase of 7.7% in 2019, whereas prices of old apartments increased by 4.0% in 2020, against an increase of 6.9% in 2019.
According to regional data, in the first quarter of 2021, apartment prices are estimated to have increased by 5.4% year-on-year in Athens, 3.7% in Thessaloniki, 1.1% in other cities and 0.5% in other areas of Greece. For 2020, based on revised data, apartment prices increased on average by 7.6%, 4.8%, 0.1% and 1.6%, respectively, in the above-mentioned areas. Finally, as regards all urban areas of the country, in the first quarter of 2021, apartment prices increased by 3.3% year-on-year, whereas for the whole of 2020 the average annual increase was 4.6%, against a rise of 7.4% in 2019.
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” section.
| INDICES OF APARTMENT PRICES (1) (2) | |
|
| | 2019 | 2020 * | 2020* | 2021 * | |
| Q1 | Q2* | Q3* | Q4* | Q1* | |
| Ι. TOTAL | |
| Price index (2007=100) | 64.4 | 67.2 | 66.8 | 67.1 | 67.6 | 67.2 | 68.9 | |
| (%) change over previous year | 7.2 | 4.3 | 6.7 | 4.3 | 3.7 | 2.5 | 3.2 | |
| | | | | | |
| II. BY AGE | |
| 1. New (up to 5 years old) | |
| Price index (2007=100) | 66.7 | 69.8 | 69.5 | 69.8 | 70.3 | 69.8 | 71.5 | |
| (%) change over previous year | 7.7 | 4.7 | 7.7 | 5.2 | 4.3 | 1.7 | 2.9 | |
| 2. Old (over 5 years old) | | |
| Price index (2007=100) | 63.0 | 65.5 | 65.1 | 65.4 | 66.0 | 65.5 | 67.3 | |
| (%) change over previous year | 6.9 | 4.0 | 6.1 | 3.6 | 3.3 | 3.1 | 3.4 | |
| | | | | | |
| ΙΙΙ. BY GEOGRAPHICAL AREA | |
| 1. Athens | |
| Price index (2007=100) | 63.9 | 68.7 | 67.7 | 68.5 | 69.3 | 69.5 | 71.4 | |
| (%) change over previous year | 10.6 | 7.6 | 10.9 | 7.4 | 6.7 | 5.6 | 5.4 | |
| 2. Thessaloniki | |
| Price index (2007=100) | 58.9 | 61.7 | 61.3 | 61.9 | 61.9 | 61.8 | 63.6 | |
| (%) change over previous year | 6.9 | 4.8 | 5.4 | 4.8 | 4.9 | 4.1 | 3.7 | |
| 3. Other cities | |
| Price index (2007=100) | 64.5 | 64.5 | 64.4 | 64.6 | 65.1 | 63.8 | 65.1 | |
| (%) change over previous year | 3.7 | 0.1 | 1.6 | 0.1 | -0.4 | -1.0 | 1.1 | |
| 4. Other areas of Greece | |
| Price index (2007=100) | 67.7 | 68.8 | 69.5 | 68.9 | 69.1 | 67.8 | 69.8 | |
| (%) change over previous year | 4.5 | 1.6 | 4.1 | 2.1 | 1.4 | -1.0 | 0.5 | |
| 5. Urban areas (total) | |
| Price index (1997=100) | 163.5 | 171.1 | 169.8 | 171.0 | 172.3 | 171.3 | 175.4 | |
| (%) change over previous year | 7.4 | 4.6 | 7.1 | 4.8 | 3.8 | 2.9 | 3.3 | |
* 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’ valuations of the current market value and qualitative characteristics of residential property. A total of 819.4 thousand valuations were reported to the Bank of Greece with reference period up to end-March 2021 (65.0% apartments, 18.8% houses, 6.2% maisonettes, 6.2% building plots and 3.8% other types of property).
(2) Any differences between levels and percentage changes in the table are due to rounding.