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Tuesday, July 5, 2022
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GreeceBusinessGREECE; Apartment prices up 7.9% in Q3, BoG report says

GREECE; Apartment prices up 7.9% in Q3, BoG report says

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The annual rate of change in apartment prices for the entire country stood at 7.9% in the third quarter of 2021, the Bank of Greece said in a report on Tuesday. More specifically, broken down by age of property, the annual rate of change in prices of new apartments was 7.6% and of old apartments 8.2%. Broken down by region, the annual rate of change in prices of apartments was 9.8% in Athens, 8.7% in Thessaloniki, 5.9% in other cities and 5.7% 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 7.9% year-on-year in the third quarter of 2021. According to revised data, the year-on-year increase in the first and second quarter of 2021 was 4.3% and 6.2% respectively, while in 2020 apartment prices increased by an average annual rate of 4.5%.

– More specifically, in the third quarter of 2021 the year-on-year rate of increase in prices was 7.6% for new apartments (up to 5 years old) and 8.2% for old apartments (over 5 years old). According to revised data, in the first and second quarter of 2021, an increase of 4.5% and 6.2%, year-on-year, respectively was recorded in prices for new apartments, whereas for old apartments the prices increased by 4.1% and 6.2%. In 2020, the average annual rates of increase were 4.8% and 4.2% for the prices of new and old apartments, respectively.

– Broken down by region, in the third quarter of 2021 apartment prices increased year-on-year by 9.8% in Athens, 8.7% in Thessaloniki, 5.9% in other cities and 5.7% in other areas of Greece. According to revised data, in the first and second quarter of 2021 apartment prices increased, year-on-year respectively, by 6.7% and 8.3% in Athens, 4.6% and 5.4% in Thessaloniki, 2.1% and 4.4% in other cities and 1.3% and 3.6% in other areas of Greece. For 2020 as a whole, prices increased on average by 7.8%, 5.0%, 0.2% and 1.8% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the third quarter of 2021 apartment prices increased year-on-year by 8.3%. Based on revised data, in the first and second quarter of 2021 apartment prices in all urban areas increased by 4.4% and 6.4% year-on-year respectively, while for 2020 they increased at an average annual rate of 4.7%.

SOURCE: AMNA

The copyrights for these articles are owned by the Hellenic News of America. They may not be redistributed without the permission of the owner. The opinions expressed by our authors do not necessarily reflect the opinions of the Hellenic News of America and its representatives.

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