Apartment prices (in nominal terms) increased on average by 0.8 pct year-on-year in the second quarter of 2018, according to data collected from credit institutions, the Bank of Greece said on Thursday.
The central bank, in a report, said that according to revised data, the respective increase in the first quarter of 2018 was 0.1 pct, while in 2017 as a whole apartment prices declined by an average annual rate of 1.0 pct.
More specifically, in the second quarter of 2018 the year-on-year rate of increase in prices was 0.9 pct for “new” apartments (up to 5 years old) and 0.7 pct for “old” apartments (over 5 years old). According to revised data, in the first quarter of 2018 a marginal increase of 0.2 pct year-on-year for “new” apartments was recorded, whereas for “old” apartments the prices remained unchanged. For the whole of 2017, the average annual rates of decline were 0.8 pct and 1.2 pct for “new” and “old” apartments, respectively.
According to data broken down by geographical area, in the second quarter of 2018 apartment prices are estimated to have increased year-on-year by 1.2 pct in Athens, 0.2 pct in Thessaloniki, 0.6 pct in other cities and 0.3 pct in other areas of Greece. According to revised data, in the first quarter of 2018 apartment prices are estimated to have increased marginally by 0.4 pct in Athens, whilst marginal decreases were recorded in Thessaloniki (-0.3 pct), in other cities (-0.1 pct) and in other areas of Greece (-0.2 pct), in comparison with the first quarter of 2017.
For the whole of 2017, prices in comparison with 2016, declined on average by 1.0 pct, 1.5 pct, 1.2 pct and 0.8 pct respectively in the above-mentioned areas.
Finally, as regards all urban areas of the country, in the second quarter of 2018 apartment prices increased year-on-year by 1.0 pct. Based on revised data, in the first quarter of 2018 apartment prices in all urban areas increased marginally by 0.3 pct year-on-year, while for 2017 as a whole they declined at an average annual rate of 1.0 pct.