The average annual growth rate for new apartments was 12.2%, up from 8.2% in 2021, while the average annual growth rate for old apartments was 11.3% in 2022, up from 7.2% in 2021
It continued at an accelerated rate in 2023 increase in real estate prices. The first quarter 2023 new apartment prices up 14.5%, for 2022apartment prices rose at an average annual rate of 11.7% (revised figures), up from 7.6% growth in 2021.
According to the data processed by Bank of Greecewhich come from the country’s credit institutions, the price increase in the first quarter of 2023 compared to the corresponding quarter of 2022 was 12.8% for new apartments, i.e. up to 5 years old, and 15.6 % for the old ones, i.e. over 5 years old.
Based on the revised figures, for 2022, the average annual price increase for new apartments was 12.2%; versus 8.2% growth in 2021, while the average annual growth rate for legacy apartments was 11.3% in 2022, versus 7.2% growth in 2021.
From the analysis of the data by geographical area it appears that the increase in apartment prices in the first quarter of 2023 compared to the corresponding quarter of 2022 was 16.5% in Athens16.1% in Thessaloniki13.1% in other large cities and 10.6% in other regions of the country. For the whole of 2022, the price increase in the same regions compared to 2021 was 13.7%, 12.5%, 10.6% and 7.9% respectively (revised figures).
Finally, for all the urban areas of the country, in the first quarter of 2023 apartment prices increased by 14.7% compared to the first quarter of 2022, while for 2022 the average annual increase was 12.1 %.
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