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.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
RES: Large Companies Buying PPAs in Greece
Power Purchase Agreements (PPAs) are long-term contracts between renewable energy producers and large corporations seeking to secure electricity at stable prices in a sustainable manner.
School Closures, Ships Docked Amid Bad Weather in Greece
Severe weather in Greece causes school closures and sailing bans. Strong winds, snowfall, and icy conditions disrupt daily life and travel on Tuesday.
Greece to Proceed with Issuance of 10-Year Bond
Regarding Greece's public debt the Agency forecasts that it will continue its downward trend, recording a total reduction of around 56%.
Labor Shortage in Greece: Vacant Job Positions Costing the Economy Millions
Data show that specific sectors are facing particular challenges in filling job positions, with the primary sector struggling to find working hands.
e-EFKA: “Thaleia” Answers Policyholders’ Questions
It is a service provided by the organization, aimed at enhancing the experience for individuals with special needs.
PM Mitsotakis Outlines 2025 Goals for Growth and National Interests
"The government’s work will remain intense and multifaceted, so that day by day, something changes and the lives of all citizens become better," the prime minister stated
Tender for Repairs on Athens Olympic Stadium’s (OAKA) Iconic Roof
Tender for OAKA project, which is expected to exceed 78 million euros, stipulates that repairs, maintenance must be conducted while venue remains open for events
Louis-Dreyfus Family Eyes 21% Stake in Thessaloniki Port
The newly created Amsterdam-based LeonidsPort company has submitted a voluntary public offer for 21%
EUIPO Throws Out Turkaegean Trademark
The trademark had been filed by the Türkiye Tourism Promotion and Development Agency (TGA) in 2021 and immediately generated heated opposition by Athens
Economic Sentiment Indicator in Greece Drops Slightly in Dec.
The data revealed that the primary drivers of the slight drop were the industrial and retail trade sectors. Conversely, construction and consumer confidence improved.
