Indices of residential property prices: Q4 2023

• Ιn the fourth quarter of 2023, the annual rate of change in apartment prices for the entire country stood at 11.8%.
• Broken down by age of property, the annual rate of change in prices was 11.0% for new apartments and 12.4% for old apartments.
• Broken down by region, the annual rate of change in prices of apartments was 10.8% in Athens, 14.6% in Thessaloniki, 13.9% in other cities and 11.2% in other areas of Greece.

According to provisional data, apartment prices (in nominal terms) are estimated to have increased on average by 11.8% year-on-year in the fourth quarter of 2023. In 2023, apartment prices increased at an average annual rate of 13.4%, compared with an average increase of 11.9% in 2022.

More specifically, in the fourth quarter of 2023 the year-on-year rate of increase in prices was 11.0% for new apartments (up to 5 years old) and 12.4% for old apartments (over 5 years old). For 2023, prices of new apartments increased on average by 12.4%, against an increase of 12.5% in 2022, whereas prices of old apartments increased by 14.2% in 2023, against an increase of 11.6% in 2022.

Broken down by region, in the fourth quarter of 2023 apartment prices increased year-on-year by 10.8% in Athens, 14.6% in Thessaloniki, 13.9% in other cities and 11.2% in other areas of Greece. For 2023 as a whole, prices increased on average by 13.7%, 16.2%, 14.5% and 10.8% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2023 apartment prices are estimated to have increased on average by 12.1% year-on-year, while for 2023 they increased at an average annual rate of 13.9%.

(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=b36800c6-d803-4199-9c18-46e88b513826