Greek apartment prices on the rise

Greek apartment

Greek apartment

The Bank of Greece released new data on Monday showing an increase in apartment prices by 6.3% in the first half of 2019, while prices grew by an average annual growth rate of 1.7%.

The capital Athens saw an estimated increase year-on-year by 11.1%, Thessaloniki 7.0%, other cities 4.1% and other areas of Greece 4.9%.

According to data collected from credit institutions, apartment prices (in nominal terms) are estimated to have increased on average by 7.7% year-on-year in the second quarter of 2019. According to revised data, the respective increase in the first quarter of 2019 was 4.9%, while in 2018 apartment prices increased by an average annual rate of 1.7%.

In the second quarter of 2019 the year-on-year rate of increase in prices was 7.7% for “new” apartments (up to 5 years old) and 7.6% for “old” apartments (over five years old). According to revised data, in the first quarter of 2019 an increase of 5.1% year-on-year for “new” apartments was recorded, whereas for “old” apartments the prices increased by 4.9%. In 2018, the average annual rates of increase were 1.9% and 1.6% for “new” and “old” apartments, respectively.