According to Bank of Greece's data collected from credit institutions, apartment prices (in nominal terms) are estimated to have increased on average by 9.4% year-on-year in the second quarter of 2022. According to revised data, the respective increase in the first quarter of 2022 was 9.3%, while in 2021 apartment prices increased by an average annual rate of 7.5%.
More specifically, in the second quarter of 2022 the year-on-year rate of increase in prices was 10.5% for new apartments (up to 5 years old) and 8.7% for old apartments (over 5 years old). According to revised data, in the first quarter of 2022 an increase of 10.4% year-on-year was recorded in prices for new apartments, whereas for old apartments the prices increased by 8.5%. In 2021, the average annual rates of increase were 8.0% and 7.1% for new and old apartments, respectively.
Broken down by region, in the second quarter of 2022 apartment prices increased year-on-year by 10.9% in Athens, 10.4% in Thessaloniki, 8.9% in other cities and 6.3% in other areas of Greece. According to revised data, in the first quarter of 2022 apartment prices increased by 10.5% in Athens, 9.4% in Thessaloniki, 8.8% in other cities and 6.8% in other areas of Greece, compared with the first quarter of 2021. For 2021 as a whole, prices increased on average by 9.6%, 7.3%, 5.7% and 4.8% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the second quarter of 2022 apartment prices increased year-on-year by 9.5%. Based on revised data, in the first quarter of 2022 apartment prices in all urban areas increased by 9.8% year-on-year, while for 2021 they increased at an average annual rate of 7.9%.
