?n the third quarter of 2022, the annual rate of change in apartment prices for the entire country stood at 11.2%.

Broken down by age of property, the annual rate of change in prices of new apartments was 12.2% and of old apartments 10.5%.

Broken down by region, the annual rate of change in prices of apartments was 13.0% in Athens, 11.1% in Thessaloniki, 9.4% in other cities and 8.9% in other areas of Greece.

According to data collected from credit institutions, apartment prices (in nominal terms) are estimated to have increased on average by 11.2% year-on-year in the third quarter of 2022. According to revised data, the year-on-year increase in the first and second quarter of 2022 was 9.8% and 10.1% respectively, while in 2021 apartment prices increased by an average annual rate of 7.6%.

More specifically, in the third quarter of 2022 the year-on-year rate of increase in prices was 12.2% for new apartments (up to 5 years old) and 10.5% for old apartments (over 5 years old). According to revised data, in the first and second quarter of 2022, an increase of 10.9% and 11.0%, year-on-year, respectively was recorded in prices for new apartments, whereas for old apartments the prices increased by 9.0% and 9.5%. In 2021, the average annual rates of increase were 8.1% and 7.2% for the prices of new and old apartments, respectively.

Broken down by region, in the third quarter of 2022 apartment prices increased year-on-year by 13.0% in Athens, 11.1% in Thessaloniki, 9.4% in other cities and 8.9% in other areas of Greece. According to revised data, in the first and second quarter of 2022 apartment prices increased, year-on-year respectively, by 11.3% and 11.8% in Athens, 9.6% and 10.8% in Thessaloniki, 9.3% and 9.5% in other cities and 6.9% for both quarters in other areas of Greece. For 2021 as a whole, prices increased on average by 9.7%, 7.4%, 5.8% and 4.8% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the third quarter of 2022 apartment prices increased year-on-year by 11.3%. Based on revised data, in the first and second quarter of 2022 apartment prices in all urban areas increased by 10.4% and 10.3% year-on-year respectively, while for 2021 they increased at an average annual rate of 8.0%.

INDICES OF APARTMENT PRICES (1)

2020

2021 *

2021 *

2022 *

Q3

Q4*

Q1*

Q2*

Q3*

?. OVERALL

Price index (2007=100)

67.3

72.4

73.7

74.3

76.6

79.0

81.9

(%) change over previous year

4.5

7.6

8.8

9.9

9.8

10.1

11.2

II. BY AGE

1. New (up to 5 years old)

Price index (2007=100)

70.0

75.7

76.6

78.4

80.8

83.0

86.0

(%) change over previous year

4.9

8.1

9.0

11.3

10.9

11.0

12.2

2. Old (over 5 years old)

Price index (2007=100)

65.6

70.4

71.9

71.8

74.0

76.5

79.4

(%) change over previous year

4.2

7.2

8.7

9.1

9.0

9.5

10.5

???. BY GEOGRAPHICAL AREA

1.	Athens

Price index (2007=100)

68.9

75.6

76.9

78.1

80.7

83.6

86.9

(%) change over previous year

7.8

9.7

10.8

11.5

11.3

11.8

13.0

2. Thessaloniki

Price index (2007=100)

61.8

66.4

67.9

67.7

70.5

72.9

75.4

(%) change over previous year

5.0

7.4

9.5

9.2

9.6

10.8

11.1

3. Other cities

Price index (2007=100)

64.6

68.3

69.7

70.1

71.9

74.1

76.3

(%) change over previous year

0.2

5.8

6.9

9.2

9.3

9.5

9.4

4. Other areas of Greece

Price index (2007=100)

69.0

72.4

73.5

73.5

75.4

76.9

80.0

(%) change over previous year

1.9

4.8

6.2

7.5

6.9

6.9

8.9

5. Urban areas (total)

Price index (1997=100)

171.3

185.0

188.7

190.3

196.0

202.0

210.1

(%) change over previous year

4.8

8.0

9.4

10.7

10.4

10.3

11.3

(1)	Any differences between levels and percentage changes in the table are due to rounding.

Provisional data.

Bank of Greece indices of residential property prices are based on detailed data reported to the Real Estate Market Analysis Section as from 2009, under Bank of Greece Governor's Act 2610/31.10.2008, by all credit institutions operating in Greece. These data include banks' valuations of the current market value and qualitative characteristics of residential property. A total of 865.3 thousand valuations were reported to the Bank of Greece with reference period up to end-September 2022 (65.0% concerning apartments, 18.7% houses, 6.2% maisonettes, 6.2% building plots and 3.9% other types of property).

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