Apartment prices rose by 11.9% in the third quarter of the year, according to the Bank of Greece.

It is recalled that for 2022, apartment prices increased at an average annual rate of 11.9% (revised data), compared to an increase of 7.6% in 2021. Based on the age of the property, the annual rate of change in the prices of new apartments was set at 11.6% and the old ones at 12.2%. Based on geographic location, the annual rate of change in apartment prices was 12.0% in Athens, 15.4% in Thessaloniki, 12.8% in the other major cities and 9.5% in the rest of the country.

In more detail, according to data from the Bank of Greece, the price increase in the third quarter of 2023 compared to the corresponding quarter of 2022 was 11.6% for new apartments, i.e. up to 5 years old, and 12.2 % for the old ones, i.e. over 5 years old. Based on the revised data, for 2022 the average annual rate of increase in prices for new apartments was 12.4%, compared to an increase of 8.2% in 2021, while the average annual rate of increase for old apartments was 11, 5% in 2022, compared to a growth rate of 7.2% in 2021.

From the analysis of the data by geographic region, it appears that the increase in apartment prices in the third quarter of 2023 compared to the corresponding quarter of 2022 was 12.0% in Athens, 15.4% in Thessaloniki, 12.8% in other large cities and 9.5% in the other regions of the country. For the whole of 2022, the price increase in the same regions compared to 2021 was 13.9%, 12.6%, 10.9% and 8.2% respectively (revised figures).

Finally, for all the urban areas of the country, in the third quarter of 2023, apartment prices were on average increased by 12.1% compared to the third quarter of 2022, while for 2022 the average annual increase was to 12.3% (revised figures).