Monthly rents for apartments in Greece are estimated to have increased by an average of 11.9 percent, yoy, in the third quarter of 2023, according to provisional data released on Thursday by the Bank of Greece (BoG).
The figures (in nominal terms) point to an increasingly high demand for residential housing in the country, especially in the greater Athens-Piraeus area.
Specifically, apartment prices increased at an average annual rate of 11.9 percent (revised data) in 2022, compared with an average hike of 7.6 percent in 2021.
For Q3 2023, the year-on-year rate of increase was 11.6 percent for new properties (meaning to more than five years old) and 12.2 percent for older dwellings.
According to revised data, prices of new apartments in 2022 increased on average by 12.4 percent, against a rise of 8.2 percent in 2021, whereas prices of older apartments increased by 11.5 percent in 2022, compared to a hike of 7.2 percent in 2021.
Broken down by region, Q3 2023 apartment prices increased year-on-year by 12 percent in greater Athens, 15.4 percent in Thessaloniki, 12.8 in other cities and 9.5 percent in other regions. As a whole for 2022, prices increased on average by 13.9 percent, 12.6 percent, 10.9 percent and 8.2 percent, respectively, in the aforementioned regions.
