BoG: Housing prices rise 7.7% in the second quarter of 2019
A rapid increase in apartment prices throughout Greece.
An average increase of 7.7% compared to the corresponding quarter of 2018, based on data obtained from credit institutions, is estimated to be the second quarter of 2019 apartment prices (in nominal terms).
According to the revised figures, in the first quarter of 2019 the corresponding increase stood at 4.9%, while for the whole of 2018 apartment prices increased at an average annual rate of 1.7%.
In more detail, the increase in prices in the second quarter of 2019 compared to the corresponding quarter of 2018 was 7.7% for "new" apartments, i.e. up to 5 years and 7.6% for "old" apartments, i.e. over 5 years of age. According to the revised figures, in the first quarter of 2019, the prices of "new" apartments increased by 5.1%, while the prices of "old" apartments increased by 4.9% compared to the corresponding quarter of 2018 .
For the whole of 2018, prices for "new" and "old" apartments increased at an average annual rate of 1.9% and 1.6% respectively.
Analysis of the data by geographical region shows that the increase in apartment prices in the second quarter of 2019 compared to the corresponding quarter of 2018 was 11.1% in Athens, 7.0% in Thessaloniki, 4.1% in other major cities and 4.9% in the rest of the country.
Based on the revised figures, it is estimated that in the first quarter of 2019 apartment prices increased by 7.1% in Athens, 5.4% in Thessaloniki, 2.5% in other major cities and 3.2% in other cities. regions of the country compared to the first quarter of 2018.
For the whole of 2018, price increases in the same regions compared to 2017 were 2.7%, 1.0%, 0.8% and 1.1% respectively. Finally, for all urban areas in the country in the second quarter of 2019, apartment prices increased by 8.0% compared to the second quarter of 2018.
According to the revised figures, in the first quarter of 2019 the corresponding increase in apartment prices in urban areas was 5.2%, while for the whole of 2018 the average annual increase was 1.7%.