Apartment prices registered a new increase. According to data from the Bank of Greece, in the second quarter of the year they increased (in nominal terms) by an average of 9.2% compared to the corresponding quarter of 2023. For 2023, apartment prices grew at an average annual rate of 13.8% (revised figures), against an increase of 11.9% in 2022.

In more detail, the price increase in the second quarter of 2024 compared to the corresponding quarter of 2023 was 10.7% for new apartments, i.e. up to 5 years old, and 8.3% for old ones, i.e. aged over 5 years old. Based on the revised data, for 2023 the average annual price growth rate for new apartments was 12.8%, compared to a 12.5% ​​growth rate in 2022, while the average annual growth rate for old apartments was 14, 5% in 2023, versus a growth rate of 11.6% in 2022.

From the analysis of the data by geographical region, it follows that the increase in apartment prices in the second quarter of 2024 compared to the corresponding quarter of 2023 was 9.1% in Athens, 12.1% in Thessaloniki, 7.3% in the other big cities and 10.4% in the other regions of the country.

For the whole of 2023, the price increase in the same regions compared to 2022 was 13.8%, 16.5%, 14.9% and 11.6% respectively (revised figures). Finally, for all the urban areas of the country, in the second quarter of 2024 apartment prices were on average increased by 9.0% compared to the second quarter of 2023, while for 2023 the average annual increase was to 14.2% (revised figures).

APARTMENT PRICE INDICES (1)

2022

2023*

2023*

2024*

b

c*

d*

a*

b*

I. TOTAL

Price index (2007=100)

81.1

92.3

91.3

93.5

95.5

98.2

99.7

(%) change compared to previous year

11.9

13.8

14.8

12.6

12.4

10.6

9.2

II. BY PRELIMINARY TIME

1. New (up to 5 years)

Price index (2007=100)

85.1

96.0

95.2

97.3

99.5

102.4

105.3

(%) change compared to previous year

12.5

12.8

13.8

12.0

11.7

11.1

10.7

2. Old (over 5 years old)

Price index (2007=100)

78.5

89.9

88.8

91.1

93.0

95.6

96.2

(%) change compared to previous year

11.6

14.5

15.5

13.1

12.8

10.3

8.3

III. BY GEOGRAPHICAL AREA

1. Athens

Price index (2007=100)

86.1

98.0

96.7

99.1

101.4

104.0

105.4

(%) change compared to previous year

13.9

13.8

14.9

12.5

11.1

9.5

9.1

2. Thessaloniki

Price index (2007=100)

74.9

87.3

86.1

89.0

91.0

93.5

96.5

(%) change compared to previous year

12.7

16.5

17.6

16.1

15.2

12.8

12.1

3. Other major cities

Price index (2007=100)

75.8

87.1

86.6

88.8

90.4

92.0

93.0

(%) change compared to previous year

11.0

14.9

15.9

14.4

14.3

11.2

7.3

4. Other areas

Price index (2007=100)

78.4

87.4

86.7

88.5

90.2

94.0

95.8

(%) change compared to previous year

8.2

11.6

12.4

10.0

12.4

11.6

10.4

5. Urban areas (total)

Price index (1997=100)

207.9

237.4

234.3

241.1

246.4

252.4

255.4

(%) change compared to previous year

12.4

14.2

15.2

13.2

12.5

10.9

9.0

(1) Any differences between price levels and changes in the table are due to rounding.

* Provisional data.

Source: Bank of Greece.