Apartment prices up by an average 1.5 pct in 2018, Bank of Greece reports

Apartment prices rose by an average 1.5 pct in 2018, after falling 1.0 pct in 2017, the Bank of Greece said on Tuesday.

The central bank, in a report, said that according to data collected from credit institutions, nominal apartment prices are estimated to have increased, on average, by 2.5 pct year-on-year in the fourth quarter of 2018.

More specifically, in the fourth quarter of 2018, the year-on-year rate of increase in prices was 2.7 pct for “new” apartments (up to five years old) and 2.3 pct for “old” apartments (over five years old). For 2018 as a whole, prices of “new” apartments increased on average by 1.7 pct, compared with a decline of 0.8 pct in 2017, whereas prices of “old” apartments increased by 1.3 pct in 2018, compared with a decrease of 1.2 pct in 2017.

According to regional data, in the fourth quarter of 2018 apartment prices are estimated to have increased year-on-year by 4.2 pct in Athens, 2.1 pct in Thessaloniki, 1.1 pct in other cities and 0.7 pct in other areas of Greece. For 2018, apartment prices increased on average by 2.4 pct, 0.9 pct, 0.8 pct and 0.6 pct, respectively, in the above-mentioned areas.