Apartment prices recorded a double-digit increase in the second quarter of 2023, according to the data announced by the Bank of Greece. As it turns out, the prices of both new and old apartments registered a “jump”, with Thessaloniki recording the biggest increase.
Based on the available provisional data, it is estimated that in the second quarter of 2023 apartment prices (in nominal terms) increased by an average of 13.9% compared to the corresponding quarter last year. According to revised data for 2022, apartment prices rose at an average annual rate of 11.8%, up from 7.6% growth in 2021.
In detail, the price increase in the second quarter of 2023 compared to the corresponding quarter of 2022 was 13.8% for new apartments, i.e. up to 5 years old, and 14.1% for old ones, i.e. older of 5 years. Based on the revised data, the average annual rate of increase in prices for new apartments was 12.4% in 2022 compared to an increase of 8.2% in 2021, while the average annual rate of increase for old apartments was 11, 4% in 2022, compared to 7.2% in 2021.
According to the analysis of the data by geographical region, it appears that the increase in apartment prices in the second quarter of 2023 compared to the corresponding quarter last year was 14.1% in Athens, 16.4% in Thessaloniki, 14.6% in the other large cities and 12.1% in the other regions of the country. In urban areas of the country, apartment prices were on average increased by 14.1% in the second quarter of 2023 compared to the second quarter of 2022, while for 2022 the average annual increase was 12 .3%.
