Apartment prices in Greece increased by 7.8% in the third quarter of 2024 compared to the same period in 2023, according to provisional data from the Bank of Greece. This follows a strong annual growth rate of 13.8% in 2023, up from an 11.9% increase in 2022.
Breakdown by Property Age
The Q3 2024 year-on-year apartment price increase was more pronounced for newer apartments of up to five years old, which rose by 9.7%, while older apartments of over five years old saw a more modest increase of 6.6%.
For the full year of 2023, prices for new apartments grew at an annual rate of 12.9%, slightly higher than the 12.5% recorded in 2022. Meanwhile, prices for older apartments surged by 14.5% in 2023, compared to an 11.6% rise the previous year.
Regional Trends
Apartment price increases varied significantly across Greece’s regions. In the third quarter of 2024, compared to the same period of 2023, apartment prices rose by 7.7% in Athens, 12.1% in Thessaloniki, 4.9% in other major cities and by 9.5% in other areas of the country.
In urban areas nationwide, apartment prices increased by an average of 7.3% in the third quarter of 2024 compared to the third quarter the previous year. For 2023, the average annual growth rate for urban areas stood at 14.2%.
This consistent rise in property prices reflects robust demand across different regions and property types, highlighting a dynamic real estate market in Greece.
