Bank of Greece Reports Continued Increase in Flat Prices

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The Bank of Greece has released revised data indicating a continued rise in flat prices for 2023. The average annual increase for new flats reached 12.7%, up from 12.5% in 2022, while older flats saw a 14.5% rise, compared to 11.6% the previous year.

Key Findings:

First Quarter 2024:
- The national annual rate of change in flat prices was 10.4%.
- New flats: Prices increased by 10.8%.
- Older flats: Prices increased by 10.1%.

Geographic Breakdown:
- Athens: Prices rose by 9.4%.
- Thessaloniki: Prices increased by 12.2%.
- Other major cities: Prices saw a 10.3% rise.
- Rest of the country: Prices increased by 12.1%.

The Bank of Greece stated, “Based on available provisional data, it is estimated that in the first quarter of 2024, flat prices (in nominal terms) were on average up 10.4% compared to the corresponding quarter of 2023. For 2023, flat prices grew at an average annual rate of 13.8% (revised figures), compared to an increase of 11.9% in 2022.”

Detailed Breakdown:

Price Increase by Age of Property:
- In the first quarter of 2024, new flats (up to 5 years old) increased by 10.8%, while older flats (over 5 years old) rose by 10.1%.

Annual Rate Comparison:
- For 2023, new flats saw an average annual price increase of 12.7% compared to 12.5% in 2022.
- Older flats experienced a 14.5% increase compared to 11.6% in 2022.

Geographic Analysis:
First Quarter 2024 vs. First Quarter 2023:
- Athens: 9.4% increase.
- Thessaloniki: 12.2% increase.
- Other big cities: 10.3% increase.
- Other regions: 12.1% increase.

Full Year 2023:
- Athens: 13.8% increase.
- Thessaloniki: 16.5% increase.
- Other big Cities: 15.0% increase.
- Other regions: 11.4% increase.

Additional Insights:

The Residential Real Estate Price Index shows a change in the first quarter of 2024 of -4.1% compared to the peak in the third quarter of 2008, and a 66.4% increase from the lowest point in the third quarter of 2017.

The indices are constructed using data from the Real Estate Market Analysis Department, collected from all credit institutions active in Greece since 2009. These include banks' estimates of the current commercial value of residential properties and their quality characteristics.

(Source: The Press Project)

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