2024-09-10 10:39:33
The annual rate of change in apartment prices for the entire country in the second quarter of 2024 was 9.2%, according to the Bank of Greece (BoG).
According to the figures of the Central Bank, based on the age of the property, the annual rate of change in the prices of new apartments was 10.7% and of old apartments at 8.3%.
Based on geographic location, the annual rate of change in apartment prices was 9.1% in Athens, 12.1% in Thessaloniki, 7.3% in the other major cities and 10.4% in the rest of the country.
More specifically, based on the available provisional data, it is estimated that in the second quarter of 2024 apartment prices (in nominal terms) were on average increased by 9.2% compared to the corresponding quarter of 2023. For 2023, prices of apartments grew at an average annual rate of 13.8% (revised figures), versus 11.9% growth in 2022.
The price increase in the second quarter of 2024 compared to the corresponding quarter of 2023 was 10.7% for new apartments, i.e. up to 5 years old, and 8.3% for old ones, i.e. over 5 years old years. Based on the revised data, for 2023 the average annual rate of increase in prices for new apartments was 12.8%, compared to a growth rate of 12.5% in 2022, while the average annual rate of increase for old apartments was 14, 5% in 2023, versus a growth rate of 11.6% in 2022.
The icon in Athens and Thessaloniki
From the analysis of the data by geographical region, it appears 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 large cities and 10.4% in the 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 figures). Finally, for all the urban areas of the country, in the second quarter of 2024 apartment prices were on average increased by 9.0% compared to the second quarter of 2023, while for 2023 the average annual increase was to 14.2% (revised figures).
It is noted that in the second quarter of 2024, the change in the residential real estate price index in relation to the highest price recorded in the third quarter of 2008 is -2.5%, while in relation to the lowest price recorded in 3rd quarter of 2017, it is 69.3%.
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