Property prices in Greece advanced by 13.9% in the second quarter of the year as the country's housing market boom shows no signs of easing, according to data from the Bank of Greece.
Rising interest rates from the ECB have failed to dampen demand in Greece as many of the transactions are completed in cash, while strong buying interest from foreign nationals is also adding to the positive momentum.
Broken down by age of property, the annual rate of change in the price of new apartments reached 13.8% and 14.1% in old apartments.
Broken down by region, the annual rate of change in prices of apartments was 14.1% in Athens, 16.4% in Thessaloniki, 14.6% in other cities and 12.1% in other areas of Greece.
According to provisional data, apartment prices (in nominal terms) are estimated to have increased on average by 13.9% year-on-year in the second quarter of 2023.
In 2022, apartment prices increased at an average annual rate of 11.8% (revised data), compared with an average increase of 7.6% in 2021.
More specifically, in the second quarter of 2023 the year-on-year rate of increase in prices was 13.8% for new apartments (up to 5 years old) and 14.1% 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 11.4% in 2022, against an increase of 7.2% in 2021.
Broken down by region, in the second quarter of 2023 apartment prices increased year-on-year by 14.1% in Athens, 16.4% in Thessaloniki, 14.6% in other cities and 12.1% in other areas of Greece.
For 2022 as a whole, prices increased on average by 13.8%, 12.6%, 10.9% and 8.1% respectively in the above-mentioned areas (revised data). Finally, as regards all urban areas of the country, in the second quarter of 2023 apartment prices increased on average by 14.1% year-on-year compared to the second quarter of 2022, while for 2022 they increased at an average annual rate of 12.3%.
