Indices of residential property prices: Q1 2020
04/06/2020 - Δελτία Τύπου
According to data collected from credit institutions,(1) nominal apartment prices are estimated to have increased, on average, by 6.9% year-on-year in the first quarter of 2020. According to revised data, the average annual rate of increase was 7.3% in 2019 (Q1: 5.5%, Q2: 7.6%, Q3: 8.3% and Q4: 7.6%), against an increase of 1.8% in 2018.
Indices of apartment prices by age and geographical area
More specifically, in the first quarter of 2020, prices of “new” apartments (up to 5 years old) increased by 7.9% year-on-year, whereas prices of “old” apartments (over 5 years old) increased by 6.3% year-on-year. According to revised data, prices of “new” apartments increased by 7.7% on average in 2019, against an increase of 2.0% in 2018, whereas “old” apartment prices increased by 7.0% in 2019, against a rise of 1.7% in 2018.
According to regional data, in the first quarter of 2020, apartment prices are estimated to have increased by 10.6% year-on-year in Athens, 5.5% in Thessaloniki, 2.9% in other cities and 4.3% in other areas of Greece. For the whole of 2019, based on revised data, apartment prices increased on average by 10.4%, 7.0%, 4.0% and 4.6%, respectively, in the above-mentioned areas. Finally, as regards all urban areas of the country, in the first quarter of 2020, apartment prices increased by 7.3% year-on-year, whereas for the whole of 2019 the average annual increase was 7.4%, against a rise of 1.8% in 2018.
Please note that the detailed data(1) used for the construction of the residential property price indices for the first quarter of 2020, as well as the comparable data on which they are based, represent the period before the imposition of the restrictive measures due to the Covid-19 pandemic in March 2020.
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 the “Real Estate Market Analysis” section.
| INDICES OF APARTMENT PRICES (1) (2) | |
|
| | 2018 | 2019 * | 2019 * | 2020 * | |
| Q1 | Q2* | Q3* | Q4* | Q1* | |
| Ι. OVERALL | |
| Price index (2007=100) | 60.1 | 64.4 | 62.6 | 64.3 | 65.3 | 65.6 | 66.9 | |
| (%) change over previous year | 1.8 | 7.3 | 5.5 | 7.6 | 8.3 | 7.6 | 6.9 | |
| | | | | | |
| II. BY AGE | |
| 1. New (up to 5 years old) | |
| Price index (2007=100) | 61.9 | 66.7 | 64.5 | 66.3 | 67.4 | 68.7 | 69.6 | |
| (%) change over previous year | 2.0 | 7.7 | 5.4 | 7.7 | 8.6 | 9.1 | 7.9 | |
| 2. Old (over 5 years old) | | |
| Price index (2007=100) | 58.9 | 63.0 | 61.4 | 63.1 | 63.9 | 63.7 | 65.2 | |
| (%) change over previous year | 1.7 | 7.0 | 5.6 | 7.5 | 8.2 | 6.7 | 6.3 | |
| | | | | | |
| ΙΙΙ. BY GEOGRAPHICAL AREA | |
| 1. Athens | |
| Price index (2007=100) | 57.8 | 63.8 | 61.1 | 63.7 | 64.9 | 65.7 | 67.5 | |
| (%) change over previous year | 2.8 | 10.4 | 8.0 | 11.1 | 11.3 | 11.2 | 10.6 | |
| 2. Thessaloniki | |
| Price index (2007=100) | 55.1 | 58.9 | 58.1 | 59.1 | 59.0 | 59.5 | 61.3 | |
| (%) change over previous year | 1.1 | 7.0 | 6.5 | 7.7 | 7.7 | 6.0 | 5.5 | |
| 3. Other cities | |
| Price index (2007=100) | 62.2 | 64.7 | 63.4 | 64.6 | 65.6 | 65.1 | 65.2 | |
| (%) change over previous year | 0.9 | 4.0 | 2.4 | 3.9 | 5.7 | 4.0 | 2.9 | |
| 4. Other areas of Greece | |
| Price index (2007=100) | 64.8 | 67.8 | 66.7 | 67.5 | 68.3 | 68.6 | 69.6 | |
| (%) change over previous year | 1.1 | 4.6 | 3.6 | 4.5 | 5.4 | 5.0 | 4.3 | |
| 5. Urban areas (total) | |
| Price index (1997=100) | 152.3 | 163.6 | 158.6 | 163.1 | 166.0 | 166.9 | 170.2 | |
| (%) change over previous year | 1.8 | 7.4 | 5.8 | 7.6 | 8.5 | 7.9 | 7.3 | |
* 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 781.1 thousand valuations were reported to the Bank of Greece with reference period up to end-March 2020 (65.3% concerning apartments, 18.9% houses, 6.1% maisonettes, 6.1% building plots and 3.6% other types of property).
(2) Any differences between levels and percentage changes in the Table are due to rounding.