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Bank of Greece (BoG): Real estate prices increased by 3.2% on an annual basis

Real estate prices increased by 3.2% in the third quarter, compared to the corresponding period of 2019, according to data published by the Bank of Greece.

Based on the data collected from credit institutions, it is estimated that in the third quarter of 2020 the prices of apartments (in nominal terms) were on average increased by 3.2% compared to the corresponding quarter of 2019. Based on the revised data, in the first and second quarter of 2020 the increase compared to the respective quarters of 2019 amounted to 6.5% and 4.1% respectively, while for the whole of 2019 apartment prices increased at an average annual rate 7.2%.

Apartment price indices by age and geographical area

More specifically, the price increase in the third quarter of 2020 compared to the corresponding quarter of 2019 was 4.2% for the “new” apartments, i.e. up to 5 years old, and 2.6% for the “old”, i.e. over 5 years old. Based on the revised data, for 2019 the average annual rate of price increase for the “new” and “old” apartments was 7.7% and 6.9% respectively.

The analysis of data by geographical area shows that apartment prices in the third quarter of 2020 compared to the corresponding quarter of 2019 increased by 5.6% in Athens, 4.3% in Thessaloniki and 1.5% in other regions of the country, while a marginal decrease of 0.3% was recorded in the other major cities. Based on the revised data, for 2019 the increase in apartment prices in the same areas compared to 2018 was 10.5%, 6.9%, 4.5% and 3.7% respectively.

Finally, for all urban areas of the country, in the third quarter of 2020 apartment prices increased by 3.4% compared to the third quarter of 2019, while, based on the revised data, for 2019 the average annual growth was 7.4%.