In a market that has experienced the ten-year crisis with falling jobs in general in all related sectors, the picture has now changed and is moving upwards, with prices rising more and more.
The upward trend is now reflected not only in estimates but also in data that sees the light of day.
And a new increase in prices
Based on the data collected by credit institutions and published in the middle of the week by the Bank of Greece, it is estimated that in the third quarter of 2021 apartment prices (in nominal terms) were on average increased by 7.9% compared to with the corresponding quarter of 2020. Based on the revised data, in the first and second quarter of 2021 the increase compared to the respective quarters of 2020 amounted to 4.3% and 6.2% respectively, while for 2020 the prices of apartments increased at an average annual rate of 4.5%.
More specifically, the price increase in the third quarter of 2021, compared to the corresponding quarter of 2020, was 7.6% for the new apartments, ie up to 5 years old and 8.2% for the old ones, ie older age of 5 years. Based on the revised data of the first and second quarter of 2021, the prices of the new apartments increased by 4.5% and 6.2% respectively, while the prices of the old apartments increased by 4.1% and 6.2%, respectively. Comparison with the respective quarters of 2020. For 2020, prices for new and old apartments increased at an average rate of 4.8% and 4.2% respectively.
The areas with the largest increase
The analysis of the data of the geographical area shows that the increase in apartment prices in the third quarter of 2021 compared to the corresponding quarter of 2020 was 9.8% in Athens, 8.7% in Thessaloniki, 5.9% in other major cities and 5.7% in other parts of the country. Based on the revised data, the first and second quarter of 2021 h average increase in apartment prices amounted to 6.7% and 8.3% respectively in Athens, 4.6% and 5.4% in Thessaloniki, 2.1% and 4.4% in other major cities and 1.3% and 3.6% in other parts of the country. For the whole of 2020, the increase in prices in the same areas compared to 2019 was 7.8%, 5%, 0.2% and 1.8% respectively.
Finally, for all urban areas of the country, in the third quarter of 2021 apartment prices increased by 8.3% compared to the third quarter of 2020. Based on the revised data, the first and second quarters of 2021 the corresponding The average increase in apartment prices in urban areas was 4.4% and 6.4%, while for 2020 the average price increased to 4.7%.
In areas where infrastructure or renovation projects are taking place, the price increase is increasing.
Will this upward trend continue?
Stavroula Vamvaka, president of the newdeal real estate group, says that we have been entering a price curve for the past three years – as in all of Europe – which slowed down in the first wave of the pandemic but did not arise due to central liquidity policies and financial support for households and products. “In this new trajectory, we will see periods of greater or lesser increase in real estate prices that will depend on GDP growth, but also other factors (eg taxes, bureaucracy, international investment wave, golden visa, etc.). .) », The president of the newdeal real estate group estimates in ΑΠΕ – ΜΠΕ.
Ms. Vamvaka also adds that “it is reasonable areas in which infrastructure projects (eg metro) or renovation (eg Greek) are carried out, the price increase is not greater. On the contrary, the areas that are less “trendy” than Greek and foreign investors are the price performance that is lower. At the same time, a new generation of newcomers is on the market. In some areas they will squeeze the values of antiquity, while in others they will pull them up. In any case, however, it is certain that we will not return to prices of deep crisis as in the previous period. “