apartment-prices-up-7.9%-in-q3,-bank-of-greece-report-says
Economy

Apartment prices up 7.9% in Q3, Bank of Greece report says

The annual rate of change in apartment prices for the entire country stood at 7.9% in the third quarter of 2021, the Bank of Greece said in a report on Tuesday. More specifically, broken down by age of property, the annual rate of change in prices of new apartments was 7.6% and of old apartments 8.2%. Broken down by region, the annual rate of change in prices of apartments was 9.8% in Athens, 8.7% in Thessaloniki, 5.9% in other cities and 5.7% in other areas of Greece.

– According to data collected from credit institutions, apartment prices (in nominal terms) are estimated to have increased on average by 7.9% year-on-year in the third quarter of 2021. According to revised data, the year-on-year increase in the first and second quarter of 2021 was 4.3% and 6.2% respectively, while in 2020 apartment prices increased by an average annual rate of 4.5%.

– More specifically, in the third quarter of 2021 the year-on-year rate of increase in prices was 7.6% for new apartments (up to 5 years old) and 8.2% for old apartments (over 5 years old). According to revised data, in the first and second quarter of 2021, an increase of 4.5% and 6.2%, year-on-year, respectively was recorded in prices for new apartments, whereas for old apartments the prices increased by 4.1% and 6.2%. In 2020, the average annual rates of increase were 4.8% and 4.2% for the prices of new and old apartments, respectively.

– Broken down by region, in the third quarter of 2021 apartment prices increased year-on-year by 9.8% in Athens, 8.7% in Thessaloniki, 5.9% in other cities and 5.7% in other areas of Greece. According to revised data, in the first and second quarter of 2021 apartment prices increased, year-on-year respectively, by 6.7% and 8.3% in Athens, 4.6% and 5.4% in Thessaloniki, 2.1% and 4.4% in other cities and 1.3% and 3.6% in other areas of Greece. For 2020 as a whole, prices increased on average by 7.8%, 5.0%, 0.2% and 1.8% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the third quarter of 2021 apartment prices increased year-on-year by 8.3%. Based on revised data, in the first and second quarter of 2021 apartment prices in all urban areas increased by 4.4% and 6.4% year-on-year respectively, while for 2020 they increased at an average annual rate of 4.7%.

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