Apartment prices rise 11.9% in Greece during Q3

Apartment prices (in nominal terms) are estimated to have increased on average by 11.9% year-on-year in the third quarter of 2023, according to provisional data released by the Bank of Greece on Thursday, ANA reports.

In the third quarter of 2023, the year-on-year rate of increase in prices was 11.6% for new apartments (up to 5 years old) and 12.2% for old apartments (over 5 years old). According to revised data, in 2022 prices of new apartments increased on average by 12.4%, against an increase of 8.2% in 2021, whereas prices of old apartments increased by 11.5% in 2022, against a hike of 7.2% in 2021.

Broken down by region, in the third quarter of 2023 apartment prices increased year-on-year by 12.0% in Athens, 15.4% in Thessaloniki, 12.8% in other cities, and 9.5% in other areas of Greece. For 2022 as a whole, prices increased on average by 13.9%, 12.6%, 10.9%, and 8.2% respectively in the above-mentioned areas (revised data). 

Finally, as regards all urban areas of the country, in the third quarter of 2023 apartment prices are estimated to have increased on average by 12.1% year-on-year, while for 2022 they increased at an average annual rate of 12.3% (revised data).

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