Indices of residential property prices: Q3 2020

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Indices of residential property prices: Q3 2020 30/11/2020 - Press Releases

According to data collected from credit institutions,⁽¹⁾ nominal apartment prices are estimated to have increased on average by 3.2% year-on-year in the third quarter of 2020. According to revised data, the increase in the first and second quarters of 2020 was 6.5% and 4.1% year-on-year respectively, while in 2019 nominal apartment prices increased on average by 7.2%.

Indices of apartment prices by age and geographical area

More specifically, in the third quarter of 2020 the year-on-year rate of increase in prices was 4.2% for 'new' apartments (up to 5 years old) and 2.6% for 'old' apartments (over 5 years old). According to revised data, in 2019 the average annual rate of increase in the prices of 'new' and 'old' apartments was 7.7% and 6.9% respectively.

According to regional data, in the third quarter of 2020 apartment prices are estimated to have increased year-on-year by 5.6% in Athens, 4.3% in Thessaloniki and 1.5% in other areas of Greece, whereas a marginal decrease of 0.3% was recorded in other cities. According to revised data, apartment prices increased in 2019 on average by 10.5%, 6.9%, 4.5% and 3.7% year-on-year, respectively, in the above-mentioned areas. Finally, as regards all urban areas of the country, in the third quarter of 2020 apartment prices increased by 3.4% year-on-year, while, based on revised data, apartment prices increased at an average annual rate of 7.4% in 2019.

Detailed tables on residential propertyprices by geographical area and with a distinction between 'new' and 'old' apartmentsare published in the 'Bulletin of Conjunctural Indicators' (Tables ΙΙ.7, ΙΙ.7.1, ΙΙ.7.2 and ΙΙ.8) and are also available on the Bank of Greece website under the 'Real Estate Market Analysis' section.

INDICES OF APARTMENT PRICES (1) (2)
	2018	2019 *	2019 *	2020 *
Q3	Q4*	Q1*	Q2*	Q3*
Ι.TOTAL
Price index (2007=100)	60.1	64.4	65.2	65.5	66.6	67.0	67.3
(%) change over previous year	1.8	7.2	8.3	7.4	6.5	4.1	3.2
II. BY AGE
1. New (up to 5 years old)
Price index (2007=100)	61.9	66.7	67.4	68.6	69.3	69.8	70.2
(%) change over previous year	2.0	7.7	8.6	9.0	7.4	5.3	4.2
2. Old (over 5 years old)
Price index (2007=100)	58.9	62.9	63.9	63.5	65.0	65.2	65.5
(%) change over previous year	1.7	6.9	8.1	6.3	5.9	3.3	2.6
ΙΙΙ. BY GEOGRAPHICAL AREA
1. Athens
Price index (2007=100)	57.8	63.9	65.0	65.7	67.5	68.1	68.6
(%) change over previous year	2.8	10.5	11.5	11.2	10.5	6.8	5.6
2. Thessaloniki
Price index (2007=100)	55.1	58.9	59.0	59.4	61.2	61.5	61.6
(%) change over previous year	1.1	6.9	7.8	5.8	5.3	4.1	4.3
3. Other cities
Price index (2007=100)	62.2	64.5	65.4	64.5	64.5	64.9	65.2
(%) change over previous year	0.9	3.7	5.4	3.1	1.7	0.5	-0.3
4. Other areas of Greece
Price index (2007=100)	64.8	67.7	68.2	68.5	69.3	69.0	69.2
(%) change over previous year	1.1	4.5	5.2	4.8	3.9	2.2	1.5
5. Urban areas (total)
Price index (1997=100)	152.3	163.5	166.0	166.5	169.4	170.7	171.6
(%) change over previous year	1.8	7.4	8.5	7.6	6.9	4.6	3.4

* Provisional data.

Source: Bank of Greece.

(1) 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 800.3 thousand valuations were reported to the Bank of Greece with reference period up to end-October2020 (65.1% concerning apartments, 18.9% houses, 6.2% maisonettes, 6.1% building plots and 3.7% other types of property).

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