Apartment prices in Greece keep soaring

Apartment purchasing prices in Greece grew by 12.2% in the fourth quarter of 2022 and at an average annual rate of 11.1% in 2022, the Bank of Greece said in a report last week.

Broken down by age of property, the annual rate of change in prices of new apartments was 12.1% and 12.2% for old apartments.

In the fourth quarter of 2022 the year-on-year rate of increase in prices was 12.1% for new apartments (up to 5 years old) and 12.2% for old apartments (over 5 years old).

For 2022, prices of new apartments increased on average by 11.8%, against an increase of 8.2% in 2021, whereas prices of old apartments increased by 10.5% in 2022, against an increase of 7.2% in 2021.

Broken down by region, in October-December 2022 apartment prices increased 15.2% year-on-year in Athens, 14.5% in Thessaloniki, 10.3% in other cities and 6.3% in other areas of Greece.

For 2022 as a whole, prices increased on average by 13%, 11.8%, 10% and 7.4% respectively in the above-mentioned areas.

As regards all urban areas, in Q4 2022 apartment prices rose 13% from Q4 2021, while in 2022 they increased at an average annual rate of 11.5%. [Bank of Greece]