BoG: More than 10% jump in apartment prices in Athens
Significant increase shows the purchase of apartments with prices skyrocketing throughout Greece. The upward trend is recorded in house prices with Athens (10.5%) holding the lead in increases, followed by Thessaloniki, according to provisional data released by Bank of Greece.
The key conclusions which the central bank concludes is that:
- The fourth quarter of 2021, the annual rate of change in apartment prices for the whole country was formed in 9.1%.
- Based on property agethe annual rate of change of their prices new apartments formed in 9.8% and the old ones at 8.6%.
- Based on the geographical location, the annual rate of change in apartment prices was 10.5% in Athens, 8.3% in Thessaloniki and other major cities and 7.1% in other parts of the country.
As noted in the BoG announcement according to data collected by credit institutions, it is estimated that in the second quarter of 2021 apartment prices (in nominal terms) were on average increased by 9.1% compared to quarter 2020, while for 2021 apartment prices increased at an average annual rate of 7.1%, a corresponding increase of 4.5% in 2020.
More specifically, the increase in prices in the fourth quarter of 2021 compared to the corresponding quarter of 2020 was 9.8% for new apartments, ie up to 5 years old, and 8.6% for old, ie aged over 5 years. For 2021, the average annual price growth rate for new apartments was 7.4%, compared to a 4.9% increase by 2020, while the average annual growth rate for old apartments was 6.9% by 2021, against an increase of 4.2% in 2020.
The analysis of data by geographical area shows that the increase in apartment prices in the fourth quarter of 2021 compared to the corresponding quarter of 2020 was 10.5% in Athens, 8.3% in Thessaloniki and other major cities and 7.1% in other parts of the country. For the whole of 2021, the increase in prices in the same areas compared to 2020 was 9.1%, 6.9%, 5.4% and 4.6% respectively.
Finally, for all its urban areas, in the fourth quarter of 2021 apartment prices increased by 9.7% compared to the fourth quarter of 2020, while for 2021 the average growth of the country increased to 7.5 . %.