Apartment prices rose 6.3 pct in H1 2019, BoG report says

2 September 2019
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Apartment prices rose by 6.3 pct in the first half of 2019, while prices grew by an average annual growth rate of 1.7 pct, the Bank of Greece said on Monday.

The central bank said that according to data collected from credit institutions, apartment prices (in nominal terms) are estimated to have increased on average by 7.7 pct year-on-year in the second quarter of 2019. According to revised data, the respective increase in the first quarter of 2019 was 4.9 pct, while in 2018 apartment prices increased by an average annual rate of 1.7 pct.

More specifically, in the second quarter of 2019 the year-on-year rate of increase in prices was 7.7 pct for “new” apartments (up to 5 years old) and 7.6 pct for “old” apartments (over five years old). According to revised data, in the first quarter of 2019 an increase of 5.1 pct year-on-year for “new” apartments was recorded, whereas for “old” apartments the prices increased by 4.9 pct. In 2018, the average annual rates of increase were 1.9 pct and 1.6 pct for “new” and “old” apartments, respectively.

According to regional data, in the second quarter of 2019 apartment prices are estimated to have increased year-on-year by 11.1 pct in Athens, 7.0 pct in Thessaloniki, 4.1 pct in other cities and 4.9 pct in other areas of Greece. According to revised data, in the first quarter of 2019 apartment prices are estimated to have increased by 7.1 pct in Athens, 5.4 pct in Thessaloniki, 2.5 pct in other cities and 3.2 pct in other areas of Greece, in comparison with the first quarter of 2018. For 2018, prices in comparison with 2017 increased on average by 2.7 pct, 1.0 pct, 0.8 pct and 1.1 pct respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the second quarter of 2019 apartment prices increased year-on-year by 8.0 pct. Based on revised data, in the first quarter of 2019 apartment prices in all urban areas increased by 5.2 pct year-on-year, while for 2018 as a whole they increased at an average annual rate of 1.7 pct.

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