Real estate prices will increase smoothly in 2023 - Bank of Greece. | Blog

Real estate prices will increase smoothly in 2023 - Bank of Greece.

The Bank of Greece reported that apartment prices in 2023 rose by 13.4% on an annualized average basis. The rise in real estate prices continues at an accelerated pace in 2023. According to the Bank of Greece, apartment prices increased by 13.4% at an average annualized rate in 2023, compared to an increase of 11.9% in 2022.Specifically, the second quarter of 2023, compared to the same quarter of 2022, showed a price increase of 11.0% for new apartments (under 5 years old) and 12.4% for old apartments (over 5 years old).

Sale flat in Voula 2 012 534,00 $

Greece,Voula

3 Bedrooms

3 Bathrooms

156 м²

Sale flat in Glyfada 770 282,00 $

Greece,Glyfada

2 Bedrooms

1 Bathroom

85 м²

Sale flat in Athens 158 439,00 $

Greece,Athens

2 Bedrooms

1 Bathroom

50 м²

Sale flat in Athens 295 674,00 $

Greece,Athens

2 Bedrooms

2 Bathrooms

56 м²

Sale house in Zakynthos 5 531 914,00 $

Greece,Zakynthos

11 Bedrooms

6 Bathrooms

550 м²

Sale flat in Athens 1 382 978,00 $

Greece,Athens

3 Bedrooms

4 Bathrooms

114 м²

In 2023, the average annual rate of price growth for new apartments was 12.4%, compared to an increase of 12.5% in 2022, and the average annual rate of price growth for old apartments was 14.2% in 2023, compared to an increase of 11.6% in 2022.Analysis of the data by geographical area shows that the increase in apartment prices in the second quarter of 2023 compared to the same quarter of 2022 was 10.8% in Athens, 14.6% in Thessaloniki, 13.9% in other major cities and 11.2% in other regions of the country. For the whole of 2023, in these regions the price increased by 13.7%, 16.2%, 14.5% and 10.8%, respectively, compared to 2022.Finally, in all urban areas of the country, apartment prices increased by an average of 12.1% in the second quarter of 2023 compared to the second quarter of 2022, and for the whole of 2023, the average annual increase was 13.9%.