BoG: Apartment prices increased by 8.6% in the first quarter

Apartment prices in the country increased by 8.6% in the first quarter of 2022, according to data from the Bank of Greece.

Based on the age of the property, the prices of the new apartments increased by 10.3% and the old ones by 7.4%, while based on the geographical location, the largest increases are located in Athens with 9.7%, in Thessaloniki with 8, 3% and in the other big cities with 8.2%. In other parts of the country prices increased by 6.4%.

In particular, as the BoG informed, based on the available provisional data, it is estimated that in the first quarter of 2022 the prices of apartments (in nominal terms) were on average increased by 8.6% compared to the corresponding quarter of 2021.

For 2021, apartment prices increased at an average annual rate of 7.4% (revised figures), compared to an increase of 4.5% in 2020.

More specifically, the price increase in the first quarter of 2022 compared to the corresponding quarter of 2021 was 10.3% for the new apartments, ie up to 5 years old, and 7.4% for the old, ie aged over 5 years.

According to the revised data, for 2021, the average annual price growth rate for the new apartments was 7.9%, compared to an increase of 4.9% in 2020, while the average annual growth rate for the old apartments was 7.0 % in 2021, compared to an increase of 4.2% in 2020.

The analysis of data by geographical area shows that the increase in apartment prices in the first quarter of 2022 compared to the corresponding quarter of 2021 was 9.7% in Athens, 8.3% in Thessaloniki, 8.2% in other major cities and 6.4% in other parts of the country.

For the whole of 2021, the increase in prices in the same areas compared to 2020 was 9.4%, 7.2%, 5.7% and 4.8% respectively (revised data).

Finally, for all urban areas of the country, in the first quarter of 2022 apartment prices increased compared to the first quarter of 2021 by 9.2%, while for 2021 the average annual increase was 7.8 % (revised data).