Indices of residential property prices: Q1 2023
19/06/2023 - Press Releases
- Ιn the first quarter of 2023, the annual rate of change in apartment prices for the entire country stood at 14.5%.
- Broken down by age of property, the annual rate of change in prices of new apartments was 12.8% and of old apartments 15.6%.
- Broken down by region, the annual rate of change in prices of apartments was 16.5% in Athens, 16.1% in Thessaloniki, 13.1% in other cities and 10.6% in other areas of Greece.
According to provisional data, apartment prices (in nominal terms) are estimated to have increased on average by 14.5% year-on-year in the first quarter of 2023. In 2022, apartment prices increased by an average annual rate of 11.7% (revised data), compared with an average increase of 7.6% in 2021.
More specifically, in the first quarter of 2023 the year-on-year rate of increase in prices was 12.8% for new apartments (up to 5 years old) and 15.6% for old apartments (over 5 years old). According to revised data, in 2022 prices of new apartments increased on average by 12.2%, against an increase of 8.2% in 2021, whereas prices of old apartments increased by 11.3% in 2022, against an increase of 7.2% in 2021.
Broken down by region, in the first quarter of 2023 apartment prices increased year-on-year by 16.5% in Athens, 16.1% in Thessaloniki, 13.1% in other cities and 10.6% in other areas of Greece. For 2022 as a whole, prices increased on average by 13.7%, 12.5%, 10.6% and 7.9% respectively in the above-mentioned areas (revised data). Finally, as regards all urban areas of the country, in the first quarter of 2023 apartment prices increased by 14.7% compared to the first quarter of 2022, while for 2022 they increased at an average annual rate of 12.1% (revised data).
(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 883.1 thousand valuations were reported to the Bank of Greece with reference period up to end-March 2023 (65.0% concerning apartments, 18.6% houses, 6.2% maisonettes, 6.2% 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