Apartment prices continued falling in 2017, the Bank of Greece said on Thursday. The central bank, in a report, said that according to data collected from credit institutions, nominal apartment prices are estimated to have declined marginally on average by 0.3 pct year-on-year in the fourth quarter of 2017, whilst in 2017 the average annual decline in apartment prices was 1.0 pct, compared with an average decrease of 2.4 pct in 2016.
More specifically, in the fourth quarter of 2017, prices of “new” apartments (up to 5 years old) as well as of “old” apartments (over 5 years old) dropped marginally by 0.3 pct year-on-year. For the whole of 2017, prices of “new” apartments declined by 0.8 pct, against a decline of 3.0 pct in 2016, whereas “old” apartment prices declined by 1.1 pct in 2017, against a decrease of 2.0 pct in 2016.
According to data broken down by geographical area, in the fourth quarter of 2017 apartment prices are estimated to have marginally declined year-on-year by 0.1 pct in Athens, 0.6 pct in Thessaloniki and by 0.4 pct in other cities and in other areas of Greece. For the whole of 2017, apartment prices declined on average by 0.9 pct, 1.4 pct, 1.3 pct and 0.8 pct, respectively, in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2017 apartment prices marginally declined by 0.3 pct year-on-year, whereas for 2017 the average annual decline was 1.0 pct.