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Economy

Greece: Apartment prices up 4.6% in Q2 2021

September 9, 2021

ATHENS — The annual rate of change in apartment prices for the entire country stood at 4.6 pct in the second quarter of 2021, the Bank of Greece said on Thursday. The central bank, in a report, said that broken down by age of property, the annual rate of change in prices of new apartments was 4.7 pct and of old apartments 4.6 pct.

• Broken down by region, the annual rate of change in prices of apartments was 6.4 pct in Athens, 4.1 pct in Thessaloniki, 3.2 pct in other cities and 2.6 pct in other areas of Greece.

• According to data collected from credit institutions, apartment prices (in nominal terms) are estimated to have increased on average by 4.6 pct year-on-year in the second quarter of 2021. According to revised data, the respective increase in the first quarter of 2021 was 3.5 pct, while in 2020 apartment prices increased by an average annual rate of 4.4 pct.

• More specifically, in the second quarter of 2021 the year-on-year rate of increase in prices was 4.7 pct for new apartments (up to five years old) and 4.6 pct for old apartments (over five years old). According to revised data, in the first quarter of 2021 an increase of 3.4 pct year-on-year was recorded in prices for new apartments, whereas for old apartments the prices increased by 3.6 pct. In 2020, the average annual rates of increase were 4.8 pct and 4.1 pct for new and old apartments, respectively.

• Broken down by region, in the second quarter of 2021 apartment prices increased year-on-year by 6.4 pct in Athens, 4.1 pct in Thessaloniki, 3.2 pct in other cities and 2.6 pct in other areas of Greece. According to revised data, in the first quarter of 2021 apartment prices increased by 5.6 pct in Athens, 3.8 pct in Thessaloniki, 1.6 pct in other cities and 0.9 pct in other areas of Greece, compared with the first quarter of 2020. For 2020 as a whole, prices increased on average by 7.6 pct, 4.8 pct, 0.2 pct and 1.8 pct respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the second quarter of 2021 apartment prices increased year-on-year by 4.7 pct. Based on revised data, in the first quarter of 2021 apartment prices in all urban areas increased by 3.6 pct year-on-year, while for 2020 they increased at an average annual rate of 4.7 pct.

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