According to data collected from credit institutions, apartment prices (in nominal terms) are estimated to have increased on average by 11.2% year-on-year in the third quarter of 2022. According to revised data, the year-on-year increase in the first and second quarter of 2022 was 9.8% and 10.1% respectively, while in 2021 apartment prices increased by an average annual rate of 7.6%.
More specifically, in the third quarter of 2022 the year-on-year rate of increase in prices was 12.2% for new apartments (up to 5 years old) and 10.5% for old apartments (over 5 years old).
According to revised data, in the first and second quarter of 2022, an increase of 10.9% and 11.0%, year-on-year, respectively was recorded in prices for new apartments, whereas for old apartments the prices increased by 9.0% and 9.5%. In 2021, the average annual rates of increase were 8.1% and 7.2% for the prices of new and old apartments, respectively.
Broken down by region, in the third quarter of 2022 apartment prices increased year-on-year by 13.0% in Athens, 11.1% in Thessaloniki, 9.4% in other cities and 8.9% in other areas of Greece. According to revised data, in the first and second quarter of 2022 apartment prices increased, year-on-year respectively, by 11.3% and 11.8% in Athens, 9.6% and 10.8% in Thessaloniki, 9.3% and 9.5% in other cities and 6.9% for both quarters in other areas of Greece.
For 2021 as a whole, prices increased on average by 9.7%, 7.4%, 5.8% and 4.8% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the third quarter of 2022 apartment prices increased year-on-year by 11.3%.
Based on revised data, in the first and second quarter of 2022 apartment prices in all urban areas increased by 10.4% and 10.3% year-on-year respectively, while for 2021 they increased at an average annual rate of 8.0%.
