Apartment 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 on Wednesday. More specifically, broken down by age of property, the annual rate of change in prices of new apartments was 12.1% and of old apartments 12.2%.
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 the fourth quarter of 2022 apartment prices increased year-on-year by 15.2% 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 13.0%, 11.8%, 10.0% and 7.4% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2022 apartment prices increased by 13.0% compared to the fourth quarter of 2021, while for 2022 they increased at an average annual rate of 11.5%.