The Bank of Greece (BoG) on Monday released a report showing that residential prices in the country increased by 2.5 percent, on average, in Q3 2018, compared with the same quarter in 2017.
The Bank of Greece (BoG) on Monday released a report showing that residential prices in the country increased by 2.5 percent, on average, in Q3 2018, compared with the same quarter in 2017.
A central bank press release reads:
"According to data collected from credit institutions, nominal apartment prices are estimated to have increased on average by 2.5% year-on-year in the third quarter of 2018. According to revised data, the increase in the first and second quarters of 2018 was 0.3% and 1.2% respectively, while in 2017 nominal apartment prices declined on average by 1.0%.
"More specifically, in the third quarter of 2018, the year-on-year rate of increase in prices was 2.9% for "new" apartments (up to 5 years old) and 2.2% for "old" apartments (over 5 years old). According to revised data, in 2017 the average annual rate of decline in the prices of "new" and "old" apartments was 0.7% and 1.2% respectively.
"According to data broken down by geographical area, in the third quarter of 2018 apartment prices are estimated to have increased year-on-year by 3.7% in Athens, 1.9% in Thessaloniki, 1.2% in other cities and 1.6% in other areas of Greece. "According to revised data, for 2017, in comparison with 2016, apartment prices dropped on average by 1.0%, 1.4%, 1.1% and 0.8% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the third quarter of 2018 apartment prices increased year-on-year by 2.5%, while based on revised data, for 2017, they declined at an average annual rate of 1.0%."