Greece’s residential property prices climb 7.9% in Q3

House prices across the country saw year-on-year growth of 7.9% in the third quarter of 2021, the Bank of Greece said in a report on Tuesday.

The annual rate of change in the prices of new apartments was 7.6% and of old apartments 8.2%.

Apartment prices rose 9.8% in Athens, 8.7% in Thessaloniki, 5.9% in other cities and 5.7% in other areas of Greece.

According to revised data, the year-on-year increase in the first and second quarters of 2021 was 4.3% and 6.2% respectively, while in 2020 apartment prices rose at an average annual rate of 4.5%.

Over the third quarter of 2021 the year-on-year rate of increase in prices was 7.6% for new apartments (up to five years old) and 8.2% for old apartments (over five years old).

Over the first and second quarters of 2021, according to revised data, there was an increase of 4.5% and 6.2% year-on-year respectively in prices for new apartments, whereas old apartments saw prices increase by 4.1% and 6.2%.

In 2020, the average annual rates of increase were 4.8% and 4.2% for the prices of new and old apartments, respectively.

Revised data also reveal that in the first half of 2021, the year-on-year increases in new and old apartment prices came to 6.7% and 8.3%, respectively, in Athens, 4.6% and 5.4% in Thessaloniki, 2.1% and 4.4% in other cities and 1.3% and 3.6% in other areas of Greece.

For 2020 as a whole, prices increased on average by 7.8%, 5%, 0.2% and 1.8% respectively in the abovementioned areas.

As regards all urban areas of the country, in Q3 of 2021 apartment prices increased year-on-year by 8.3%.

In the year’s first half, apartment prices in all urban areas increased by 4.4% and 6.4% year-on-year respectively, while for 2020 they increased at an average annual rate of 4.7%.