Bank of Greece: 9.2% jump in apartment prices in the second quarter

Based on available provisional data from the Bank of Greece, it is estimated that in the second quarter of 2024, apartment prices (in nominal terms) were up by an average of 9.2% compared to the corresponding quarter of 2023. For 2023, apartment prices increased at an average annual rate of 13.8% (revised data), compared to an increase of 11.9% in 2022.

More specifically, the price increase in Q2 2024 compared to the same quarter in 2023 was 10.7% for new apartments, i.e., up to 5 years old, and 8.3% for older apartments, i.e., over 5 years old. Based on the revised data, for 2023, the average annual rate of price growth for new apartments was 12.8%, compared to a growth rate of 12.5% in 2022, while the average annual rate of growth for old apartments was 14.5% in 2023, compared to a growth rate of 11.6% in 2022.

An analysis of the data by geographic region shows that the increase in apartment prices in the second quarter of 2024 compared to the corresponding quarter of 2023 was 9.1% in Athens, 12.1% in Thessaloniki, 7.3% in other major cities and 10.4% in other regions of the country. For the whole of 2023, the price increase in the same regions compared to 2022 was 13.8%, 16.5%, 14.9% and 11.6% respectively (revised data). Finally, for all urban areas of the country, in the second quarter of 2024, apartment prices averaged a 9.0% increase compared to the second quarter of 2023, while for 2023 the average annual increase was 14.2% (revised data).

In the second quarter of 2024, the change in the residential property price index relative to the peak value recorded in the third quarter of 2008 is -2.5%, and relative to the trough value recorded in the third quarter of 2017 is 69.3%.

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