Residential property prices in Greece keep rising in the 2Q2022
Residential property prices in Greece keep rising in the 2Q2022

Residential property prices in Greece keep rising in the 2Q2022

According to the BoG in the second quarter of 2022, the annual rate of change in apartment prices for the entire country stood at 9.4%
RE+D magazine
15.09.2022

Broken down by age of property, the annual rate of change in new apartment prices was 10.5% and in old apartment 8.7%.

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%.