Data collected from credit institutions show that nominal apartment prices are estimated to have increased on average by 2.5% year-on-year in the fourth quarter of 2018, the Bank of Greece said in a press released issued on March 5.
The average annual increase in apartment prices was 1.5% in 2018, when compared to an decrease of 1.0% in 2017.
Indices of apartment prices by age and geographical area
More specifically, in the fourth quarter of 2018, the year-on-year rate of increase in prices was 2.7% for “new” apartments (up to 5 years old) and 2.3% for “old” apartments (over 5 years old). For 2018 as a whole, prices of “new” apartments increased on average by 1.7%, compared with a decline of 0.8% in 2017, whereas prices of “old” apartments increased by 1.3% in 2018, compared with a decrease of 1.2% 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% in Athens, 2.1% in Thessaloniki, 1.1% in other cities and 0.7% in other areas of Greece. For 2018, apartment prices increased on average by 2.4%, 0.9%, 0.8% and 0.6%, respectively, in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2018 apartment prices increased by 2.9% year-on-year, whereas for 2018 as a whole the average increase was 1.6%.