Indices of residential property prices – Q3 2017
16/11/2017 - Press Releases
According to data collected from credit institutions,(1) nominal apartment prices are estimated to have declined on average by 0.6% year-on-year in the third quarter of 2017. According to revised data, the decline in the first and second quarters of 2017 was 1.7% and 1.2% respectively, while the average annual rate of decline in 2016 was 2.4%.
Indices of apartment prices by age and geographical area
More specifically, in the third quarter of 2017, the year-on-year rate of decline in prices was 0.5% for "new" apartments (up to 5 years old) and 0.7% for "old" apartments (over 5 years old). According to revised data, in 2016 the average annual rate of decline in the prices of "new" and "old" apartments was 3.0% and 1.9% respectively.
According to data broken down by geographical area, in the third quarter of 2017 apartment prices are estimated to have declined year-on-year by 0.4% in Athens, 0.7% in Thessaloniki, 1.0% in other cities and 0.5% in other areas of Greece. According to revised data, for 2016, in comparison with 2015, apartment prices dropped on average by 1.8%, 3.5%, 2.3% and 3.0% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the third quarter of 2017 apartment prices declined year-on-year by 0.7%, while based on revised data, for 2016, they declined at an average annual rate of 2.4%.
Detailed tables on house prices by geographical area and with a distinction between “new” and “old” apartments are published in the Bank of Greece “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 “Real Estate Market Analysis”.
* 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 692.8 thousand appraisals were reported to the Bank of Greece by end-October 2017 (66.1% concerning apartments, 19.2% houses, 6.1% maisonettes, 6.1% building plots and 2.5% other types of property).
(2) Any differences between levels and percentage changes in the Table are due to rounding.