Apartment prices in Greece up by 11.2% in Q3 2022, on annual basis

Apartment sales prices in Greece increased by 11.2 percent, on an annual basis, in the third quarter of 2022, a report by the country’s central bank revealed on Tuesday.

The Bank of Greece (BoG) report, entitled “Indices of residential property prices: Q3 2022,” also showed that the annual rate of change for new apartments was 12.2 percent; 10.5 percent for older flats.

The results are based on data collected from credit institutions in the country, although one parameter not measured is the portion of tax evasion entailed in “under-the-transactions” dealing with real estate purchases.

According to revised data, the year-on-year increase in the first and second quarter of 2022 was 9.8 percent and 10.1 percent, respectively, while in 2021 apartment prices increased by an average annual rate of 7.6 percent.

Specifically, in the third quarter of 2022 the year-on-year rate of increase in prices was 12.2 percent for new apartments (up to five years old) and 10.5 percent for older apartments (more than five years old).

According to revised data, in the first and second quarter of 2022, an increase of 10.9 percent and 11.0 percent, year-on-year, respectively, was recorded in prices for new apartments, whereas for older apartments the prices increased by 9.0 percent and 9.5 percent.

In 2021, the average annual rates of increase were 8.1 percent and 7.2 percent for the prices of new and old apartments, respectively.

Broken down by region, in the third quarter of 2022 apartment prices increased year-on-year by 13.0 percent in Athens, 11.1 percent in Thessaloniki, 9.4 percent in other cities and 8.9 percent in other areas of Greece.

For 2021 as a whole, prices increased on average by 9.7 percent, 7.4 percent, 5.8 percent and 4.8 percent, respectively, in the above-mentioned areas.

Finally, as regards all urban areas of the country, in the third quarter of 2022 apartment prices increased year-on-year by 11.3 percent. Based on revised data, in the first and second quarter of 2022 apartment prices in all urban areas increased by 10.4 percent and 10.3 percent year-on-year respectively, while for 2021 they increased at an average annual rate of 8.0 percent.