Key findings from the Bank of Greece:

First Quarter 2024: The annual rate of change in flat prices across the country was 10.4%.

New flats: Prices increased by 10.8%.
Old flats: Prices increased by 10.1%.

Geographic Breakdown:
Athens: Prices rose by 9.4%.
Thessaloniki: Prices increased by 12.2%.
Other major cities: Prices saw a 10.3% rise.
Rest of the country: Prices increased by 12.1%.

The Bank of Greece’s press release states, “Based on available provisional data, it is estimated that in the first quarter of 2024, flat prices (in nominal terms) were on average up 10.4% compared to the corresponding quarter of 2023. For 2023, flat prices grew at an average annual rate of 13.8% (revised figures), compared to an increase of 11.9% in 2022.”

Detailed breakdown:

Price Increase by Age of Property: In the first quarter of 2024, prices for new flats (up to 5 years old) increased by 10.8%, while prices for older flats (over 5 years old) rose by 10.1%.
Annual Rate Comparison: For 2023, new flats saw an average annual price increase of 12.7% compared to 12.5% in 2022, while old flats experienced a 14.5% increase compared to 11.6% in 2022.

Geographic Analysis

First Quarter 2024 vs. First Quarter 2023:
Athens: 9.4% increase.
Thessaloniki: 12.2% increase.
Other big cities: 10.3% increase.
Other regions: 12.1% increase.

Full Year 2023:
Athens: 13.8% increase.
Thessaloniki: 16.5% increase.
Other big Cities: 15.0% increase.
Other regions: 11.4% increase.

Additional insights

Residential Real Estate Price Index: In the first quarter of 2024, the change in the residential real estate price index compared to the highest price recorded in the third quarter of 2008 is -4.1%, while compared to the lowest price recorded in the third quarter of 2017, it is 66.4%.

The Bank of Greece’s indices on residential real estate prices are constructed using data collected by the Real Estate Market Analysis Department from all credit institutions active in Greece since the beginning of 2009. These data include banks’ estimates of the current commercial value of residential properties and their quality characteristics.

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