This marks a continuation of the upward trend seen in the housing market, with apartment prices rising at an average annual rate of 13.8% in 2023, up from 11.9% in 2022.
In detail, the price of new apartments—defined as those up to five years old—grew by 10.7% in Q2 2024. In contrast, the prices for older apartments, those over five years old, saw a more modest increase of 8.3%. For the entire year of 2023, the annual rate of price growth for new apartments was 12.8%, slightly up from 12.5% in 2022, while older apartments experienced a 14.5% increase, compared to 11.6% the previous year.
Geographic analysis reveals varying regional trends. In Athens, apartment prices rose by 9.1%, while Thessaloniki saw a sharper increase of 12.1%. Other major cities experienced a 7.3% rise, and other regions of Greece saw a 10.4% increase. For 2023, the increases were 13.8% in Athens, 16.5% in Thessaloniki, 14.9% in other major cities, and 11.6% in other regions.
Overall, the average price increase for urban areas across Greece in Q2 2024 was 9.0%, compared to a 14.2% average annual increase for the whole of 2023.
Additionally, the residential property price index for Q2 2024 is 2.5% below the peak value recorded in Q3 2008 but has surged 69.3% from the trough observed in Q3 2017. This data reflects ongoing market recovery and growth in Greece’s housing sector.
(Source: ProtoThema)
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