Relative slowdown in rise of apartment rates in Q1

Apartment prices increased by 10.4%, on average, in the first quarter of 2024, compared to the corresponding quarter of 2023, the central bank reported on Tuesday. In 2023, apartment prices had increased at an average annual rate of 13.8% (based on revised data), against an increase of 11.9% in 2022. 

The price increase in the first quarter of 2024 compared to the corresponding quarter of 2023 was 10.8% for new apartments, i.e. up to five years old, and 10.1% for old ones, i.e. older than five years, according to the report by the Bank of Greece.

Based on the revised data, for 2023 the average annual rate of increase in prices for new apartments was 12.7%, compared to an increase of 12.5% in 2022, while the average annual rate of increase for old apartments was 14.5 % in 2023, against an increase of 11.6% in 2022.

From the analysis of the data by geographic region, it stems that the increase in apartment prices in the first quarter of 2024 compared to the same quarter of 2023 was 9.4% in Athens, 12.2% in Thessaloniki, 10.3% in other large cities and 12.1% in the other regions of the country. For the whole of 2023, the price increase in the same regions compared to 2022 was 13.8%, 16.5%, 15% and 11.4% respectively (according to the revised figures).

Finally, for all the urban areas of the country, in the first quarter of 2024 apartment prices were on average increased by 10.8% compared to the first quarter of 2023, while for 2023 the average annual increase was to 14.1% per the revised figures.