Indices of residential property prices: Q3 2014
13/11/2014 - Press Releases
According to data collected from credit institutions,(1) nominal apartment prices are estimated to have declined on average by 7.0% year-on-year in the third quarter of 2014. For the first and second quarters of 2014, based on revised data, apartment prices fell at an annual rate of 8.8% and 7.7% respectively, whereas for the whole of 2013 the average annual decline was 10.9%.
Apartment prices by age and geographical area
More specifically, the year-on-year rate of decline in prices was 6.1% for "new" apartments, (i.e. up to 5 years old) and 7.5% for "old" apartments (i.e. over 5 years old) in the third quarter of 2014, while for the first nine months of 2014 the average decline was 7.1% and 8.3% respectively. In 2013 as a whole, based on revised data, the average annual rate of decline in the prices of "new" and "old" apartments was 10.8% and 10.9% respectively.
According to data broken down by geographical area, apartment prices are estimated to have declined year-on-year in the third quarter of 2014 by 9.0% in Athens, 6.5% in Thessaloniki, 5.5% in other cities and 4.6% in other areas of Greece. Apartment prices in all urban areas of the country declined by 7.7% year-on-year in the third quarter of 2014.
More 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.
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 4,219 in the third quarter of 2014, compared to 4,146 and 3,488 in the first and second quarters of 2014 respectively. Year-on-year, residential property appraisals fell by 6.1% in the third quarter of 2014 (first and second quarters of 2014: -61.0% and -31.9%, respectively). Τhe number of appraisals in 2013 reached 24,408, recording a significant drop of 21.2% year-on-year.
|
INDICES OF APARTMENT PRICES (1)
|
|
|
|
|
2012
|
2013*
|
2013*
|
2014 *
|
|
|
Q3
|
Q4*
|
Q1*
|
Q2*
|
Q3*
|
|
|
Ι. Overall
|
|
|
Price index (2007=100)
|
78.0
|
69.5
|
68.8
|
66.9
|
65.8
|
64.8
|
64.0
|
|
|
(%) change over previous year
|
-11.7
|
-10.9
|
-10.2
|
-9.6
|
-8.8
|
-7.7
|
-7.0
|
|
|
|
|
|
|
|
II. BY AGE
|
|
|
1. New (up to 5 years old)
|
|
|
Price index (2007=100)
|
80.1
|
71.5
|
70.2
|
69.6
|
68.0
|
67.0
|
65.9
|
|
|
(%) change over previous year
|
-12.1
|
-10.8
|
-11.0
|
-10.3
|
-8.5
|
-6.6
|
-6.1
|
|
|
2. Old (over 5 years old)
|
|
|
|
Price index (2007=100)
|
76.6
|
68.3
|
67.9
|
65.2
|
64.4
|
63.3
|
62.8
|
|
|
(%) change over previous year
|
-11.4
|
-10.9
|
-9.7
|
-9.2
|
-8.9
|
-8.4
|
-7.5
|
|
|
|
|
|
|
|
ΙΙΙ. BY GEOGRAPHICAL AREA
|
|
|
1. Athens
|
|
|
Price index (2007=100)
|
76.9
|
67.4
|
67.1
|
64.2
|
63.0
|
61.4
|
61.1
|
|
|
(%) change over previous year
|
-11.8
|
-12.3
|
-11.5
|
-11.7
|
-10.5
|
-9.7
|
-9.0
|
|
|
2. Thessaloniki
|
|
|
Price index (2007=100)
|
71.2
|
64.8
|
62.6
|
63.2
|
63.1
|
62.0
|
58.5
|
|
|
(%) change over previous year
|
-13.6
|
-8.9
|
-9.4
|
-7.8
|
-7.4
|
-5.3
|
-6.5
|
|
|
3. Other cities
|
|
|
Price index (2007=100)
|
80.3
|
71.8
|
71.3
|
69.6
|
67.8
|
67.7
|
67.4
|
|
|
(%) change over previous year
|
-10.7
|
-10.5
|
-9.8
|
-9.2
|
-8.4
|
-6.6
|
-5.5
|
|
|
4. Other areas of Greece
|
|
|
Price index (2007=100)
|
80.7
|
73.4
|
72.3
|
71.3
|
70.8
|
70.1
|
68.9
|
|
|
(%) change over previous year
|
-11.6
|
-9.0
|
-8.2
|
-6.7
|
-6.3
|
-6.0
|
-4.6
|
|
|
5. Urban areas (total)
|
|
|
Price index (1997=100)
|
199.2
|
177.4
|
175.7
|
170.3
|
167.5
|
164.5
|
162.2
|
|
|
(%) change over previous year
|
-11.8
|
-10.9
|
-10.6
|
-10.0
|
-9.3
|
-8.1
|
-7.7
|
|
* 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 642,805 appraisals were reported to the Bank of Greece by end-October 2014 (66.6% concerning apartments, 19.4% houses, 6.0% maisonettes, 5.9% building plots and 2.1% other types of property).