Apartment prices down 1.5 pct in the third quarter of 2016

Nominal apartment prices are estimated to have declined on average by 1.5 pct year-on-year in the third quarter of 2016, the Bank of Greece said on Monday.

The central bank, in a report, said that according to revised data, the decline in the first and second quarters of 2016 was 4.3 pct and 2.6 pct respectively, while the average annual rate of decline in 2015 was 5.1 pct.
More specifically, in the third quarter of 2016, the year-on-year rate of decline in prices was 2.2 pct for “new” apartments (up to 5 years old) and 1.0 pct for “old” apartments (over 5 years old). According to revised data, in 2015 as a whole the average annual rate of decline in the prices of “new” and “old” apartments was 5.6 pct and 4.7 pct respectively.

According to data broken down by geographical area, in the third quarter of 2016 apartment prices are estimated to have declined year-on-year by 0.9 pct in Athens, 1.4 pct in Thessaloniki, 1.2 pct in other cities and 3.0 pct in other areas of Greece. According to revised data, for the whole of 2015, apartment prices dropped on average by 5.3 pct, 5.4 pct, 4.9 pct and 4.6 pct respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the third quarter of 2016 apartment prices declined by 1.5 pct year-on-year, while based on revised data, for 2015 as a whole, they declined at an average annual rate of 5.1 pct.