Residential property prices moved higher in the 3Q2021

According to Bank of Greece's data that were 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%.