The “rally” of real estate prices continued in the fourth quarter of 2023, as can be seen from the data released by the Bank of Greece (BoG).
Based on the available provisional data, it is estimated that in the fourth quarter of 2023 apartment prices (in nominal terms) were on average up by 11.8% compared to the corresponding quarter of 2022. For 2023, the prices of of apartments increased at an average annual rate 13.4%, against an increase of 11.9% in 2022.
The increase in real estate prices in detail
In more detail, the price increase in the fourth quarter of 2023 compared to the corresponding quarter of 2022 was 11.0% for new apartments, i.e. up to 5 years old, and 12.4% for old ones, i.e. aged over 5 years old.
For 2023, the average annual price growth rate for new apartments was 12.4%, compared to 12.5% growth in 2022, while the average annual growth rate for old apartments was 14.2% in 2023, compared to 11.6% increase in 2022.
From the analysis of the data by geographic region, it appears that the increase in apartment prices in the fourth quarter of 2023 compared to the corresponding quarter of 2022 was 10.8% in Athens, 14.6% in Thessaloniki, 13.9% in other large cities and 11.2% in the rest of the country.
For the whole of 2023, the increase in prices in the same areas in relation to 2022 it was 13.7%, 16.2%, 14.5% and 10.8% respectively.
Finally, for all the urban areas of the country, the fourth quarter 2023 apartment prices were by average increased by 12.1% compared to the fourth quarter of 2022, while for 2023 the average annual increase was 13.9%.
It is noted that in the fourth quarter of 2023, the change in the residential real estate price index in relation to the highest price, recorded in the third quarter of 2008, is -7.0%, while in relation to the lowest price, recorded in 3rd quarter of 2017, it is 61.4%.
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