Bank of Greece: How housing prices in Greece have changed in 2023
The Bank of Greece has published a new report on house prices, presenting statistics on annual and quarterly increases in nominal prices and their comparison by region.
Overall, property prices significantly increased in 2023 compared to 2022 (13.4% vs. 11.9%). In particular, the fourth quarter of 2023 shows an 11.8% year-on-year increase in apartment prices.
Prices of older apartments are rising faster than those of newer ones, with an annualised rate of change of 14.2% compared to 12.4%.
The main reason for the difference in performance is that new flats are immediately sold at a higher price because they are of a higher quality than the old stock. Old flats have low energy efficiency, unlike new buildings with A or A+ class. As a result, utility bills are higher than in new complexes.
Secondary housing prices are also rising in locations where shortage of new housing and high demand are observed.
Regional analysis shows that flat prices are growing unevenly across the country. The highest growth was recorded in Thessaloniki which is 16.2% in 2023. In Athens, prices rose by an average of 13.7% over the year. It was previously revealed that the Greek capital has the highest rate compared to other European cities.
Different areas of Athens are experiencing high price growth due to the developed infrastructure and the low entry threshold of the Golden visa programme. For example, the price per square metre in Piraeus has increased by 23% from 2022 to 2023. We recommend taking a closer look at this part of Athens.
Overall, the data show a continued strengthening of the country’s property market. Some of the reasons for the price increase are the country’s economic recovery, mortgage, and strong demand from foreign investors.
Source: Bank of Greece
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