Indices of residential property prices: Q2 2020

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Indices of residential property prices: Q2 2020 24/09/2020 - Press Releases

According to data collected from credit institutions, ⁽¹⁾ apartment prices (in nominal terms) are estimated to have increased on average by 4.1% year-on-year in the second quarter of 2020. According to revised data, the respective increase in the first quarter of 2020 was 6.6%, while in 2019 apartment prices increased by an average annual rate of 7.2%.

Indices of apartment prices by age and geographical area

More specifically, in the second quarter of 2020 the year-on-year rate of increase in prices was 5.4% for 'new' apartments (up to 5 years old) and 3.2% for 'old' apartments (over 5 years old). According to revised data, in the first quarter of 2020 an increase of 7.7% year-on-year was recorded for 'new' apartments, whereas for 'old' apartments the prices increased by 6.0%. In 2019, the average annual rates of increase were 7.7% and 6.9% for 'new' and 'old' apartments, respectively.

According to regional data, in the second quarter of 2020 apartment prices increased year-on-year by 6.8% in Athens, 4.2% in Thessaloniki, 0.8% in other cities and 2.0% in other areas of Greece. According to revised data, in the first quarter of 2020 apartment prices increased by 10.5% in Athens, 5.3% in Thessaloniki, 2.2% in other cities and 4.0% in other areas of Greece, in comparison with the first quarter of 2019. For 2019 in comparison with 2018, prices increased on average by 10.5%, 6.9%, 3.8% and 4.5% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the second quarter of 2020 apartment prices increased year-on-year by 4.8%. Based on revised data, in the first quarter of 2020 apartment prices in all urban areas increased by 7.0% year-on-year, while for 2019 they increased at an average annual rate of 7.4%.

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 *
Q2	Q3*	Q4*	Q1*	Q2*
Ι. OVERALL
Price index (2007=100)	60.1	64.4	64.3	65.2	65.5	66.7	67.0
(%) change over previous year	1.8	7.2	7.6	8.2	7.5	6.6	4.1
II. BY AGE
1. New (up to 5 years old)
Price index (2007=100)	61.9	66.7	66.3	67.4	68.7	69.5	69.9
(%) change over previous year	2.0	7.7	7.7	8.6	9.1	7.7	5.4
2. Old (over 5 years old)
Price index (2007=100)	58.9	63.0	63.1	63.8	63.6	65.0	65.2
(%) change over previous year	1.7	6.9	7.5	8.0	6.4	6.0	3.2
ΙΙΙ. BY GEOGRAPHICAL AREA
1. Athens
Price index (2007=100)	57.8	63.9	63.8	64.9	65.8	67.5	68.1
(%) change over previous year	2.8	10.5	11.2	11.4	11.3	10.5	6.8
2. Thessaloniki
Price index (2007=100)	55.1	58.9	59.1	58.9	59.3	61.2	61.5
(%) change over previous year	1.1	6.9	7.7	7.6	5.8	5.3	4.2
3. Other cities
Price index (2007=100)	62.2	64.5	64.6	65.4	64.7	64.8	65.1
(%) change over previous year	0.9	3.8	3.9	5.4	3.4	2.2	0.8
4. Other areas of Greece
Price index (2007=100)	64.8	67.7	67.5	68.1	68.6	69.4	68.8
(%) change over previous year	1.1	4.5	4.4	5.2	4.9	4.0	2.0
5. Urban areas (total)
Price index (1997=100)	152.3	163.6	163.1	165.9	166.7	169.7	171.0
(%) change over previous year	1.8	7.4	7.6	8.4	7.7	7.0	4.8

* 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 790.3 thousand valuations were reported to the Bank of Greece with reference period up to end-July2020 (65.2% concerning apartments, 18.9% houses, 6.1% 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.