02.12.2023

Indices of residential property prices: Q3 2023

23/11/2023 - Press Releases

  • Ιn the third quarter of 2023, the annual rate of change in apartment prices for the entire country stood at 11.9%.
  • Broken down by age of property, the annual rate of change in prices was 11.6% for new apartments and 12.2% for old apartments.
  • Broken down by region, the annual rate of change in prices of apartments was 12.0% in Athens, 15.4% in Thessaloniki, 12.8% in other cities and 9.5% in other areas of Greece.

According to provisional data, apartment prices (in nominal terms) are estimated to have increased on average by 11.9% year-on-year in the third quarter of 2023. In 2022, apartment prices increased at an average annual rate of 11.9% (revised data), compared with an average increase of 7.6% in 2021.

More specifically, in the third quarter of 2023 the year-on-year rate of increase in prices was 11.6% for new apartments (up to 5 years old) and 12.2% for old apartments (over 5 years old). According to revised data, in 2022 prices of new apartments increased on average by 12.4%, against an increase of 8.2% in 2021, whereas prices of old apartments increased by 11.5% in 2022, against an increase of 7.2% in 2021.

Broken down by region, in the third quarter of 2023 apartment prices increased year-on-year by 12.0% in Athens, 15.4% in Thessaloniki, 12.8% in other cities and 9.5% in other areas of Greece. For 2022 as a whole, prices increased on average by 13.9%, 12.6%, 10.9% and 8.2% respectively in the above-mentioned areas (revised data). Finally, as regards all urban areas of the country, in the third quarter of 2023 apartment prices are estimated to have increased on average by 12.1% year-on-year, while for 2022 they increased at an average annual rate of 12.3% (revised data).

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  • (1) Any differences between levels and percentage changes in the table are due to rounding.
  • * Provisional data.

Source: Bank of Greece. https://www.bankofgreece.gr/en/news-and-media/press-office/news-list/news?announcement=2e3c253b-a749-411b-bbbc-12e6cf3a113e

Note: In the third quarter of 2023, the cumulative change in the residential property price index compared to the peak, recorded in the third quarter of 2008, is -9.1%, while, compared to the lowest level recorded in the third quarter of 2017, it is 57.8%.

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