Indices of residential property prices: Q2 2024
10/09/2024 - Press Releases
- Ιn the second quarter of 2024, the annual rate of change in apartment prices for the entire country stood at 9.2%.
- Broken down by age of property, the annual rate of change in prices of new apartments was 10.7% and of old apartments 8.3%.
- Broken down by region, the annual rate of change in prices of apartments was 9.1% in Athens, 12.1% in Thessaloniki, 7.3% in other cities and 10.4% in other areas of Greece.
According to provisional data, apartment prices (in nominal terms) are estimated to have increased on average by 9.2% year-on-year in the second quarter of 2024. In 2023, apartment prices increased by an average annual rate of 13.8% (revised data), compared with an average increase of 11.9% in 2022.
More specifically, in the second quarter of 2024 the year-on-year rate of increase in prices was 10.7% for new apartments (up to 5 years old) and 8.3% for old apartments (over 5 years old). According to revised data, in 2023 prices of new apartments increased on average by 12.8%, against an increase of 12.5% in 2022, whereas prices of old apartments increased by 14.5% in 2023, against an increase of 11.6% in 2022.
Broken down by region, in the second quarter of 2024 apartment prices increased year-on-year by 9.1% in Athens, 12.1% in Thessaloniki, 7.3% in other cities and 10.4% in other areas of Greece. For 2023 as a whole, prices increased on average by 13.8%, 16.5%, 14.9% and 11.6% respectively in the above-mentioned areas (revised data). Finally, as regards all urban areas of the country, in the second quarter of 2024 apartment prices are estimated to have increased on average by 9.0% year-on-year, while for 2023 they increased at an average annual rate of 14.2% (revised data).
(1) Any differences between levels and percentage changes in the table are due to rounding.
* Provisional data.
Source: Bank of Greece.
Note:
In the second quarter of 2024, the change in the residential property price index compared to the peak, recorded in the third quarter of 2008, is -2.5%, while, compared to the bottom level recorded in the third quarter of 2017, is 69.3%.
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 917.8 thousand valuations were reported to the Bank of Greece with reference period up to end-June 2024 (65.2% apartments, 18.5% houses, 6.2% maisonettes, 6.1% building plots and 4.0% 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