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Real estate: how apartment prices have changed

What does the Bank of Greece real estate data reveal?

Property prices in Athens and Thessaloniki are rising.

Bank of Greece data shows that apartment prices (in nominal terms) increased by an average of 7.5% in the fourth quarter of 2019 compared to the corresponding quarter of 2018, while apartment prices rose by 7% for the whole of 2019. 2% instead of 1.8% in 2018.

Real estate prices

In more detail, the price increase in the fourth quarter of 2019 compared to the corresponding quarter of 2018 amounted to 8.9% for “new” apartments, that is, up to 5 years, and 6.6% for “old” apartments, i.e. over 5 years old.

In 2019, the average annual growth rate of “new” apartments was 7.7% instead of 2.0% in 2018, while the average annual growth rate of “old” apartments was 6.9%. 2019 instead of 1.7% growths in 2018

An analysis of data by geographical region shows that apartment prices in the fourth quarter of 2019 compared to the corresponding quarter of 2018 increased by 11.0% in Athens, by 5.5% in Thessaloniki, by 4.2% in other major cities and 4.9% in the rest of the country.

In 2019, the average increase in apartment prices in the same areas compared to 2018 was 10.4%, 6.8%, 4.1% and 4.6%, respectively.

Finally, in all urban areas of the country, apartment prices increased by 7.9% in Q4 2019 compared to Q4 2018, while in 2019 the average annual growth was 7.5%.

Real estate has changed in Athens as residential real estate declines due to the introduction of Airbnb in recent years.

Of course, the Golden Visa regime continues to have a positive impact on the market, as it maintains stable growth rates.

Notably, the climate is currently encouraging and raising expectations for something better, especially after the new development incentives that were legislated in 2019 and are now in effect since early 2020.