Apartment prices increased by 10.4%, on average, in the first quarter of 2024, compared to the corresponding quarter of 2023, the central bank reported on Tuesday. In 2023, apartment prices had increased at an average annual rate of 13.8% (based on revised data), against an increase of 11.9% in 2022. 

The price increase in the first quarter of 2024 compared to the corresponding quarter of 2023 was 10.8% for new apartments, i.e., up to five years old, and 10.1% for old ones, i.e., older than five years, according to the report by the Bank of Greece.

According to the updated data, the average annual rate of price increase for new apartments in 2023 was 12.7%, as opposed to 12.5% in 2022, and the average annual rate of price increase for existing apartments was 14.5% in 2023 as opposed to 11.6% in 2022.

From the analysis of the data by geographic region, it appears that the increase in apartment prices in the first quarter of 2024 compared to the same quarter of 2023 was 9.4% in Athens, 12.2% in Thessaloniki, 10.3% in other large cities, and 12.1% in the other regions of the country. For the whole of 2023, the price increase in the same regions compared to 2022 was 13.8%, 16.5%, 15%, and 11.4%, respectively (according to the revised figures).

Finally, for all the urban areas of the country, in the first quarter of 2024, apartment prices increased on average by 10.8% compared to the first quarter of 2023, while in 2023, the average annual increase was 14.1% per the revised figures.