Greece Sees Significant Rise in Apartment Prices in 2023

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Athens, Greece: Apartment prices in Greece experienced a significant increase in 2023, according to data released by the Bank of Greece. The average price inflation rate for the year reached 13.4%, compared to 11.9% in 2022, marking a notable upward trend.

Specifically, price inflation on the fourth quarter of 2023, compared to the same for 2022, rose by 11% for apartments less than five years old, and 12.4% for those over five years old.

In 2023, the average price inflation rate for old apartments was 12.4%, as opposed to the 12.5% equivalent for 2022, while the price inflation rate for old apartments was 14.2% in 2023 and 11.6% in 2022.

In terms of location, the fourth quarter of 2023 saw that, compared to 22, apartment prices rose by 10.8% in Athens, 14.6% in Thessaloniki, 13.9% in other large cities, and 11.2% in the rest of the country — compared to 2022, this means that for the same quarter, prices rose by 13.7%, 16.2%, 14.5%, and 10.8% respectively.

The country’s urban areas saw apartment prices rise by an average of 12.1% in the fourth quarter of 2023 compared to the fourth quarter of 2022.

The average yearly price inflation for 2023 overall was at 13.9%

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