Residential property prices in Greece continued to increase at an accelerated rate in 2023, according to a Bank of Greece announcement on Tuesday.
According to provisional data, the central bank said, apartment prices increased at an average annual rate of 13.4% in 2023, compared with an average increase of 11.9% in 2022. Apartment prices (in nominal terms) are estimated to have increased on average by 11.8% year-on-year in the fourth quarter of 2023.
More specifically, in the fourth quarter of 2023 the year-on-year rate of increase in prices was 11.0% for new apartments (up to five years old) and 12.4% for old apartments (over five years old). For 2023, prices of new apartments increased on average by 12.4%, against an increase of 12.5% in 2022, whereas prices of old apartments increased by 14.2% in 2023, against an increase of 11.6% in 2022.
Broken down by region, in the fourth quarter of 2023 apartment prices increased year-on-year by 10.8% in Athens, 14.6% in Thessaloniki, 13.9% in other cities and 11.2% in other areas of Greece. For 2023 as a whole, prices increased on average by 13.7%, 16.2%, 14.5% and 10.8%, respectively, in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2023 apartment prices are estimated to have increased on average by 12.1% year-on-year, while for 2023 they increased at an average annual rate of 13.9%.
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