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Indices of residential property prices: Q1 2022

14/06/2022 - Press Releases

- Ιn the first quarter of 2022, the annual rate of change in apartment prices for the entire country stood at 8.6%.

- Broken down by age of property, the annual rate of change in prices of new apartments was 10.3% and of old apartments 7.4%.

- Broken down by region, the annual rate of change in prices of apartments was 9.7% in Athens, 8.3% in Thessaloniki, 8.2% in other cities and 6.4% in other areas of Greece.

According to provisional data, apartment prices (in nominal terms) are estimated to have increased on average by 8.6% year-on-year in the first quarter of 2022. In 2021, apartment prices increased by an average annual rate of 7.4% (revised data), compared with an average increase of 4.5% in 2020.

More specifically, in the first quarter of 2022 the year-on-year rate of increase in prices was 10.3% for new apartments (up to 5 years old) and 7.4% for old apartments (over 5 years old). According to revised data, in 2021 prices of new apartments increased on average by 7.9%, against an increase of 4.9% in 2020, whereas prices of old apartments increased by 7.0% in 2021, against an increase of 4.2% in 2020.

Broken down by region, in the first quarter of 2022 apartment prices increased year-on-year by 9.7% in Athens, 8.3% in Thessaloniki, 8.2% in other cities and 6.4% in other areas of Greece. For 2021 as a whole, prices increased on average by 9.4%, 7.2%, 5.7% and 4.8% respectively in the above-mentioned areas (revised data). Finally, as regards all urban areas of the country, in the first quarter of 2022 apartment prices increased by 9.2% compared to the first quarter of 2021, while for 2021 they increased at an average annual rate of 7.8% (revised data).

INDICES OF APARTMENT PRICES (1)


2020

2021*

2021*

2022*

Q1

Q2*

Q3*

Q4*

Q1*

Ι. TOTAL

Price index (2007=100)

67.3

72.3

69.8

71.6

73.6

74.0

75.8

(%) change over previous year

4.5

7.4

4.5

6.8

8.6

9.5

8.6




II. BY AGE

1. New (up to 5 years old)

Price index (2007=100)

70.0

75.5

72.9

74.6

76.5

78.1

80.4

(%) change over previous year

4.9

7.9

4.9

7.1

8.8

10.9

10.3

2. Old (over 5 years old)


Price index (2007=100)

65.6

70.2

67.9

69.8

71.7

71.5

72.9

(%) change over previous year

4.2

7.0

4.3

6.6

8.5

8.6

7.4




ΙΙΙ. BY GEOGRAPHICAL AREA

1. Athens

Price index (2007=100)

68.9

75.3

72.5

74.6

76.6

77.6

79.6

(%) change over previous year

7.8

9.4

7.1

9.1

10.4

10.9

9.7

2. Thessaloniki

Price index (2007=100)

61.8

66.3

64.3

65.6

67.7

67.6

69.7

(%) change over previous year

5.0

7.2

4.9

5.8

9.1

8.9

8.3

3. Other cities

Price index (2007=100)

64.6

68.3

65.8

67.7

69.7

69.8

71.2

(%) change over previous year

0.2

5.7

2.2

5.0

6.8

8.8

8.2

4. Other areas of Greece

Price index (2007=100)

69.0

72.3

70.5

72.0

73.4

73.5

75.1

(%) change over previous year

1.9

4.8

1.5

4.2

6.2

7.5

6.4

5. Urban areas (total)

Price index (1997=100)

171.3

184.6

177.6

183.0

188.3

189.5

193.9

(%) change over previous year

4.8

7.8

4.6

7.0

9.1

10.2

9.2

(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 853.2 thousand valuations were reported to the Bank of Greece with reference period up to end-March 2022 (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

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