BoG: Apartment prices remained high in 2023

In 2023, apartment prices increased at an average annual rate of 13.4%, compared with an average increase of 11.9% in 2022.

More specifically, in the fourth quarter of 2023 the year-on-year rate of increase in prices was 11.0% for new apartments (up to 5 years old) and 12.4% for old apartments (over 5 years old). For 2023, prices of new apartments increased on average by 12.4%, against an increase of 12.5% in 2022, whereas prices of old apartments increased by 14.2% in 2023, against an increase of 11.6% in 2022.

Broken down by region, in the fourth quarter of 2023 apartment prices increased year-on-year by 10.8% in Athens, 14.6% in Thessaloniki, 13.9% in other cities and 11.2% in other areas of Greece. For 2023 as a whole, prices increased on average by 13.7%, 16.2%, 14.5% and 10.8% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2023 apartment prices are estimated to have increased on average by 12.1% year-on-year, while for 2023 they increased at an average annual rate of 13.9%.