Apartment prices jump 9.4% in the first half of 2022

Apartment prices in the country jumped 9.4% in the first half of 2022, according to data released today by the Bank of Greece.

Based on the data collected from credit institutions, it is estimated that in the second quarter of 2022 apartment prices (in nominal terms) were on average up by 9.4% compared to the corresponding quarter of 2021.

Based on the revised data, in the first quarter of 2022 the corresponding increase was 9.3%, while for the whole of 2021 apartment prices increased at an average annual rate of 7.5%.

More specifically, the price increase in the second quarter of 2022 compared to the corresponding quarter of 2021 was 10.5% for new apartments, i.e. up to 5 years old, and 8.7% for old apartments, i.e. over 5 years old.

Based on the revised data, the first quarter of 2022 saw an increase in new apartment prices by 10.4%, while old apartment prices increased by 8.5% compared to the corresponding quarter of 2021. For the whole of 2021, prices for new and old apartments increased at an average annual rate of 8.0% and 7.1% respectively.

The analysis of the data by geographical area shows that the increase in apartment prices in the second quarter of 2022 compared to the corresponding quarter of 2021 was 10.9% in Athens, 10.4% in Thessaloniki, 8.9% in other major cities and 6.3% in other regions of the country.

Based on the revised data, in the first quarter of 2022, apartment prices increased by 10.5% in Athens, 9.4% in Thessaloniki, 8.8% in other major cities and 6.8% in other regions of the country compared to the first quarter of 2021.

For all of 2021, the price increase in the above-mentioned areas compared to 2020 was 9.6%, 7.3%, 5.7% and 4.8% respectively. Finally, for all urban areas of the country, in the second quarter of 2022, apartment prices increased by 9.5% compared to the second quarter of 2021.

Based on the revised data, in the first quarter of 2022 the corresponding increase in apartment prices in urban areas was 9.8%, while for the whole of 2021 the average annual increase was 7.9%.