In 2023, apartment prices increased by an average annual rate of 13.8% (revised data), compared with an average increase of 11.9% in 2022.
More specifically, in the second quarter of 2024 the year-on-year rate of increase in prices was 10.7% for new apartments (up to 5 years old) and 8.3% for old apartments (over 5 years old). According to revised data, in 2023 prices of new apartments increased on average by 12.8%, against an increase of 12.5% in 2022, whereas prices of old apartments increased by 14.5% in 2023, against an increase of 11.6% in 2022.
Broken down by region, in the second quarter of 2024 apartment prices increased year-on-year by 9.1% in Athens, 12.1% in Thessaloniki, 7.3% in other cities and 10.4% in other areas of Greece. For 2023 as a whole, prices increased on average by 13.8%, 16.5%, 14.9% and 11.6% respectively in the above-mentioned areas (revised data). Finally, as regards all urban areas of the country, in the second quarter of 2024 apartment prices are estimated to have increased on average by 9.0% year-on-year, while for 2023 they increased at an average annual rate of 14.2% (revised data).
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2022 |
2023* |
2023* |
2024* |
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Q2 |
Q3* |
Q4* |
Q1* |
Q2* |
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Ι. TOTAL |
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Price index
(2007=100) |
81.1 |
92.3 |
91.3 |
93.5 |
95.5 |
98.2 |
99.7 |
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(%) change
over previous year |
11.9 |
13.8 |
14.8 |
12.6 |
12.4 |
10.6 |
9.2 |
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II. BY AGE |
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1.
New (up to 5 years old) |
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Price index
(2007=100) |
85.1 |
96.0 |
95.2 |
97.3 |
99.5 |
102.4 |
105.3 |
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(%)
change over previous year |
12.5 |
12.8 |
13.8 |
12.0 |
11.7 |
11.1 |
10.7 |
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2. Old (over 5 years old) |
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Price
index (2007=100) |
78.5 |
89.9 |
88.8 |
91.1 |
93.0 |
95.6 |
96.2 |
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(%)
change over previous year |
11.6 |
14.5 |
15.5 |
13.1 |
12.8 |
10.3 |
8.3 |
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ΙΙΙ. BY GEOGRAPHICAL AREA |
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1. Athens |
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Price
index (2007=100) |
86.1 |
98.0 |
96.7 |
99.1 |
101.4 |
104.0 |
105.4 |
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(%)
change over previous year |
13.9 |
13.8 |
14.9 |
12.5 |
11.1 |
9.5 |
9.1 |
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2. Thessaloniki |
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Price
index (2007=100) |
74.9 |
87.3 |
86.1 |
89.0 |
91.0 |
93.5 |
96.5 |
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(%)
change over previous year |
12.7 |
16.5 |
17.6 |
16.1 |
15.2 |
12.8 |
12.1 |
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3. Other cities |
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Price
index (2007=100) |
75.8 |
87.1 |
86.6 |
88.8 |
90.4 |
92.0 |
93.0 |
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(%)
change over previous year |
11.0 |
14.9 |
15.9 |
14.4 |
14.3 |
11.2 |
7.3 |
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4. Other areas of Greece |
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Price
index (2007=100) |
78.4 |
87.4 |
86.7 |
88.5 |
90.2 |
94.0 |
95.8 |
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(%)
change over previous year |
8.2 |
11.6 |
12.4 |
10.0 |
12.4 |
11.6 |
10.4 |
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5. Urban areas (total) |
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Price
index (1997=100) |
207.9 |
237.4 |
234.3 |
241.1 |
246.4 |
252.4 |
255.4 |
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(%)
change over previous year |
12.4 |
14.2 |
15.2 |
13.2 |
12.5 |
10.9 |
9.0 |
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(1) Any differences between levels and percentage changes in the table are due to rounding. * Provisional data.
Source: Bank of Greece
In the second quarter of 2024, the change in the residential property price index compared to the peak, recorded in the third quarter of 2008, is -2.5%, while, compared to the bottom level recorded in the third quarter of 2017, is 69.3%.
