Apartment sales prices in Greece increased by 11.2 percent, on an annual basis, in the third quarter of 2022, a report by the country’s central bank revealed on Tuesday.
The Bank of Greece (BoG) report, entitled “Indices of residential property prices: Q3 2022,” also showed that the annual rate of change for new apartments was 12.2 percent; 10.5 percent for older flats.
The results are based on data collected from credit institutions in the country, although one parameter not measured is the portion of tax evasion entailed in “under-the-transactions” dealing with real estate purchases.
According to revised data, the year-on-year increase in the first and second quarter of 2022 was 9.8 percent and 10.1 percent, respectively, while in 2021 apartment prices increased by an average annual rate of 7.6 percent.
Specifically, in the third quarter of 2022 the year-on-year rate of increase in prices was 12.2 percent for new apartments (up to five years old) and 10.5 percent for older apartments (more than five years old).
According to revised data, in the first and second quarter of 2022, an increase of 10.9 percent and 11.0 percent, year-on-year, respectively, was recorded in prices for new apartments, whereas for older apartments the prices increased by 9.0 percent and 9.5 percent.
In 2021, the average annual rates of increase were 8.1 percent and 7.2 percent for the prices of new and old apartments, respectively.
Broken down by region, in the third quarter of 2022 apartment prices increased year-on-year by 13.0 percent in Athens, 11.1 percent in Thessaloniki, 9.4 percent in other cities and 8.9 percent in other areas of Greece.
For 2021 as a whole, prices increased on average by 9.7 percent, 7.4 percent, 5.8 percent and 4.8 percent, respectively, in the above-mentioned areas.
Finally, as regards all urban areas of the country, in the third quarter of 2022 apartment prices increased year-on-year by 11.3 percent. Based on revised data, in the first and second quarter of 2022 apartment prices in all urban areas increased by 10.4 percent and 10.3 percent year-on-year respectively, while for 2021 they increased at an average annual rate of 8.0 percent.
Latest News
Deadline for Postal Vote Registration Expires on Mon.
More than 157,000 Greek citizens had registered on the relevant online platform so far
Orthodox Palm Sunday Today; Shops Open in Greater Athens-Piraeus Area
Orthodox Holy Week begins on Monday, April 29, and ends on Sunday, Easter Sunday or Great and Holy Pascha (May 5)
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%