Prices of apartments surging

Apartment prices rose by 8.6% in the first quarter of 2022 compared with the same period in 2021, the Bank of Greece said on Tuesday.

Last year apartment prices had increased by an average annual rate of 7.4%, compared with an average increase of 4.5% in 2020.

In the first quarter of 2022, the year-on-year rate of increase in prices was 10.3% for new apartments (up to five years old) and 7.4% for older apartments (over five years old).

According to revised data, in 2021 prices of new apartments increased on average by 7.9%, against a 4.9% rise in 2020, while prices of older apartments had risen 7% in 2021.