Apartment prices go up in Greece

Apartment prices go up in Greece

A significant increase of 7.7% was recorded in the prices of “new” apartments in the country during the second quarter of 2019 compared to the corresponding quarter of 2018, according to data from the Bank of Greece.

Based on information gathered from credit institutions, it is estimated that in the second quarter of 2019 apartment prices (in nominal terms) experienced an average surge of 7.7% in comparison to the corresponding quarter of 2018. According to the revised figures, in the first three-month period of 2019 the increase in-discussion stood at 4.9%, while compared to the whole year of 2018 apartment prices experience a boost at an average annual rate of 1.7%.

Indicators of apartment prices by age and geographical area

More specifically, the increase in prices during the second three-month period of 2019 compared to the same period in 2018 was 7.7% for “new” apartments, meaning apartments up to 5 years old, and 7.6% for “old” apartments, meaning apartments older than 5 years.

According to the revised figures, in the first quarter of 2019 the prices of “new” apartments went up by 5.1%, while the prices of “old” apartments by 4.9% compared to the corresponding quarter of 2018. Regarding the whole last year, prices for “new” and “old” apartments increased at an average annual rate of 1.9% and 1.6% respectively.

Athens and Thessaloniki

Analysis of data by geographical region shows that the increase in apartment prices during the second quarter of 2019 compared to the same period quarter in 2018 was 11.1% for Athens, 7.0% for Thessaloniki, 4.1% for other major cities and 4.9% for the rest of the country. Based on the revised figures, it is estimated that in the first three months of 2019 apartment prices experience a boost of 7.1% in Athens, 5.4% in Thessaloniki, 2.5% in other major cities and of 3.2% in the rest of the country compared to the first three months of 2018. For the whole of 2018, the increase in prices in the same regions compared to 2017 stood at 2.7%, 1.0%, 0.8% and 1.1 % respectively. Finally, regarding all urban areas of the country, apartment prices surged by 8.0% in the second quarter of 2019 compared to the second quarter of 2018. Based on revised figures, during the first quarter of 2019 the corresponding increase in apartment prices in urban areas was 5.2%, while compared to the whole year of 2018 the average annual grow climbed at 1.7%.  /ibna