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Apartment prices down 1.2 pct in Q2-BoG

31 August 17 - RE+D Magazine
Apartment prices down 1.2 pct in Q2-BoG

COMPANIES

PEOPLE

According to data collected from credit institutions, apartment prices (in nominal terms) are estimated to have declined on average by 1.2% year-on-year in the second quarter of 2017, the Bank of Greece said.

 

According to revised data, the respective decline in the first quarter of 2017 was 1.7%, while the average annual rate of decline in 2016 was 2.4%.

More specifically, in the second quarter of 2017 the year-on-year rate of decline in prices was 1.0% for "new" apartments (up to 5 years old) and 1.3% for "old" apartments (over 5 years old). According to revised data, the respective decline in the first quarter of 2017 was 1.9% for "new" apartments and 1.6% for "old" apartments, while the average annual rate of decline in 2016 was 3.0% and 1.9% respectively.

According to data broken down by geographical area, in the second quarter of 2017 apartment prices are estimated to have declined year-on-year by 1.2% in Athens, 1.3% in Thessaloniki, 1.7% in other cities and 0.6% in other areas of Greece.

According to revised data, the respective decline in the first quarter of 2017 was 1.6% in Athens, 2.1% in Thessaloniki, 2.3% in other cities and 1.2% in other areas of Greece, while for the whole of 2016 prices, in comparison with 2015, dropped on average by 1.8%, 3.5%, 2.3% and 3.0% respectively in the above-mentioned areas.

Finally, as regards all urban areas of the country, in the second quarter of 2017 apartment prices declined year-on-year by 1.3%. Based on revised data, in the first quarter of 2017 apartment prices in all urban areas declined year-on-year by 1.7%, while for 2016 as a whole they declined at an average annual rate of 2.4%.

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