Indices of residential property prices: Q2 2019
02/09/2019 - Press Releases
According to data collected from credit institutions,(1) apartment prices (in nominal terms) are estimated to have increased on average by 7.7% year-on-year in the second quarter of 2019. According to revised data, the respective increase in the first quarter of 2019 was 4.9%, while in 2018 apartment prices increased by an average annual rate of 1.7%.
Indices of apartment prices by age and geographical area
More specifically, in the second quarter of 2019 the year-on-year rate of increase in prices was 7.7% for “new” apartments (up to 5 years old) and 7.6% for “old” apartments (over 5 years old). According to revised data, in the first quarter of 2019 an increase of 5.1% year-on-year for “new” apartments was recorded, whereas for “old” apartments the prices increased by 4.9%. In 2018, the average annual rates of increase were 1.9% and 1.6% for “new” and “old” apartments, respectively.
According to regional data, in the second quarter of 2019 apartment prices are estimated to have increased year-on-year by 11.1% in Athens, 7.0% in Thessaloniki, 4.1% in other cities and 4.9% in other areas of Greece. According to revised data, in the first quarter of 2019 apartment prices are estimated to have increased by 7.1% in Athens, 5.4% in Thessaloniki, 2.5% in other cities and 3.2% in other areas of Greece, in comparison with the first quarter of 2018. For 2018, prices in comparison with 2017 increased on average by 2.7%, 1.0%, 0.8% and 1.1% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the second quarter of 2019 apartment prices increased year-on-year by 8.0%. Based on revised data, in the first quarter of 2019 apartment prices in all urban areas increased by 5.2% year-on-year, while for 2018 as a whole they increased at an average annual rate of 1.7%.
Detailed tables on house prices by geographical area and with a distinction between “new” and “old” apartments are published in the Bank of Greece’s “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 in the “Real Estate Market Analysis” section.
| INDICES OF APARTMENT PRICES (1) (2) | |
|
| | 2017 | 2018 * | 2018 * | 2019 * | |
| Q2 | Q3* | Q4* | Q1* | Q2* | |
| Ι. OVERALL | |
| Price index (2007=100) | 59.0 | 60.0 | 59.8 | 60.2 | 60.8 | 62.2 | 64.4 | |
| (%) change over previous year | -1.0 | 1.7 | 1.3 | 2.2 | 2.9 | 4.9 | 7.7 | |
| | |
| II. BY AGE | |
| 1. New (up to 5 years old) | |
| Price index (2007=100) | 60.7 | 61.9 | 61.5 | 62.0 | 62.7 | 64.3 | 66.3 | |
| (%) change over previous year | -0.8 | 1.9 | 1.3 | 2.6 | 3.0 | 5.1 | 7.7 | |
| 2. Old (over 5 years old) | |
| Price index (2007=100) | 57.9 | 58.9 | 58.7 | 59.1 | 59.6 | 60.9 | 63.2 | |
| (%) change over previous year | -1.2 | 1.6 | 1.3 | 2.0 | 2.8 | 4.9 | 7.6 | |
| | |
| ΙΙΙ. BY GEOGRAPHICAL AREA | |
| 1. Athens | |
| Price index (2007=100) | 56.2 | 57.7 | 57.3 | 58.2 | 58.9 | 60.6 | 63.7 | |
| (%) change over previous year | -1.0 | 2.7 | 1.8 | 3.5 | 4.7 | 7.1 | 11.1 | |
| 2. Thessaloniki | |
| Price index (2007=100) | 54.5 | 55.0 | 54.9 | 54.8 | 55.9 | 57.6 | 58.7 | |
| (%) change over previous year | -1.4 | 1.0 | 0.5 | 1.3 | 2.0 | 5.4 | 7.0 | |
| 3. Other cities | |
| Price index (2007=100) | 61.6 | 62.1 | 62.1 | 62.0 | 62.4 | 63.4 | 64.7 | |
| (%) change over previous year | -1.1 | 0.8 | 1.1 | 0.7 | 1.2 | 2.5 | 4.1 | |
| 4. Other areas of Greece | |
| Price index (2007=100) | 64.1 | 64.8 | 64.6 | 64.9 | 65.2 | 66.5 | 67.8 | |
| (%) change over previous year | -0.7 | 1.1 | 0.7 | 1.7 | 1.5 | 3.2 | 4.9 | |
| 5. Urban areas (total) | |
| Price index (1997=100) | 149.6 | 152.1 | 151.6 | 152.9 | 154.2 | 157.7 | 163.7 | |
| (%) change over previous year | -1.1 | 1.7 | 1.3 | 2.3 | 3.1 | 5.2 | 8.0 | |
* 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 747.0 thousand appraisals were reported to the Bank of Greece by end-July 2019 (65.5% apartments, 18.9% houses, 6.1% maisonettes, 6.2% building plots and 3.2% other types of property).
(2) Any differences between levels and percentage changes in the table are due to rounding.