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Bank of Greece: Housing Price Trends in Q3 2024

According to preliminary data, apartment prices in Greece (excluding inflation) rose by an average of 7.8% year-on-year in the third quarter of 2024. In comparison, the same period in 2023 saw a 13.8% increase.

By Type of Housing

In Q3 2024, prices for new apartments (up to 5 years old) grew by 9.7%, while older apartments (over 5 years old) rose by 6.6%. Notably, in 2023, prices for new apartments increased by an average of 12.9%, compared to 12.5% in 2022. For older apartments, the corresponding figures were 14.5% in 2023 versus 11.6% in 2022.

By Region

In Q3 2024, apartment prices rose year-on-year by:

· 7.7% in Athens,

· 12.1% in Thessaloniki,

· 4.9% in other cities, and

· 9.5% in other areas of Greece.

For 2023 as a whole, average annual price increases in these regions were 13.9%, 16.5%, 15.0%, and 11.6%, respectively.

Urban Areas Overall

Across all urban areas in the country, apartment prices rose by an average of 7.3% year-on-year in Q3 2024, compared to a 14.2% increase during the same period in 2023.