Apartment prices increased at pre-covid rates during the first quarter of 2021, according to data published by the Bank of Greece, based on data collected by credit institutions.
The main protagonist in terms of the size of the increase was the area of Athens, as house prices in the midst of a strict lockdown (period January – March 2021) rose by 5.4%.
More specifically, apartment prices increased by 3.2% in the first quarter of the year, when for the whole of 2020 and based on the revised data, apartment prices increased at an average annual rate of 4.3%, compared to an increase of 7.2% in 2019.
Apartment price index by age
Regarding the “age” of houses, the increase in prices in the first quarter of 2021 compared to the corresponding quarter of 2020 was 2.9% for new apartments, ie up to 5 years old, and 3.4% for the old ones, ie older than 5 years. For 2020, based on the revised data, the average annual price increase was 4.7% for new apartments, compared to an increase of 7.7% in 2019, while the corresponding increase for old apartments was 4.0% in 2020 , against an increase of 6.9% in 2019.
Athens in the forefront
The analysis of data by geographical area shows that apartment prices in the first quarter of 2021 compared to the corresponding quarter of 2020 increased by 5.4% in Athens, 3.7% in Thessaloniki, 1.1% in other large cities and 0.5% in other parts of the country.
For 2020, based on the revised data, the average annual increase in apartment prices in the same areas was 7.6%, 4.8%, 0.1% and 1.6% respectively.
Finally, for all urban areas of the country, in the first quarter of 2021 apartment prices increased by 3.3% compared to the first quarter of 2020, while for the whole of 2020, the average annual growth was 4.6%, compared to an increase of 7.4% in 2019.
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