BoG points to higher residential property prices in Q3 2018, by 2.5% yoy

13 November 2018
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The Bank of Greece (BoG) on Monday released a report showing that residential prices in the country increased by 2.5 percent, on average, in Q3 2018, compared with the same quarter in 2017.

A central bank press release reads:

“According to data collected from credit institutions, nominal apartment prices are estimated to have increased on average by 2.5% year-on-year in the third quarter of 2018. According to revised data, the increase in the first and second quarters of 2018 was 0.3% and 1.2% respectively, while in 2017 nominal apartment prices declined on average by 1.0%.

“More specifically, in the third quarter of 2018, the year-on-year rate of increase in prices was 2.9% for “new” apartments (up to 5 years old) and 2.2% for “old” apartments (over 5 years old). According to revised data, in 2017 the average annual rate of decline in the prices of “new” and “old” apartments was 0.7% and 1.2% respectively.

“According to data broken down by geographical area, in the third quarter of 2018 apartment prices are estimated to have increased year-on-year by 3.7% in Athens, 1.9% in Thessaloniki, 1.2% in other cities and 1.6% in other areas of Greece. “According to revised data, for 2017, in comparison with 2016, apartment prices dropped on average by 1.0%, 1.4%, 1.1% and 0.8% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the third quarter of 2018 apartment prices increased year-on-year by 2.5%, while based on revised data, for 2017, they declined at an average annual rate of 1.0%.”

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