Bank of Greece: Apartment prices down 2.2 pct in 2016

Nominal apartment prices are estimated to have declined marginally on average by 0.6 pct year-on-year in the fourth quarter of 2016, whilst in 2016 as a whole apartment prices fell on average by 2.2 pct, compared with an average drop of 5.1 pct in 2015, the Bank of Greece said on Thursday.

More specifically, the central bank in its report said that in the fourth quarter of 2016, prices of “new” apartments (up to 5 years old) dropped by 0.9 pct year-on-year and prices of “old” apartments (over 5 years old) fell by 0.4 pct year-on-year. For the whole of 2016, prices of “new” apartments declined by 2.9 pct, against a decline of 5.6 pct in 2015, whereas “old” apartment prices declined by 1.8 pct in 2016, against a drop of 4.7 pct in 2015.

According to data broken down by geographical area, in the fourth quarter of 2016 apartment prices are estimated to have marginally declined year-on-year in Athens, Thessaloniki and other cities by 0.4 pct, 0.5 pct and 0.6 pct, respectively, and in other areas of Greece by 1.1 pct. For the whole of 2016, apartment prices dropped on average by 1.7 pct, 3.3 pct, 2.2 pct and 2.9 pct, respectively, in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2016 apartment prices marginally declined by 0.5 pct year-on-year, whereas for the whole of 2016 the average annual decline was 2.2 pct.