Real estate prices in Greece jumped by 9.1 percent in the last quarter of 2021, driven by strong demand in Athens and Thessaloniki, data from the Bank of Greece shows.

“According to data collected from credit institutions, apartment prices (in nominal terms) are estimated to have increased on average by 9.1% year-on-year in the fourth quarter of 2021, while in 2021 apartment prices increased by an average annual rate of 7.1%, compared with an average increase of 4.5% in 2020,” the Bank of Greece said in a statement.

Apartment prices in Athens raced ahead 10.5 percent in the last quarter of the year and 8.3 percent in Thessaloniki.

More specifically, in the fourth quarter of 2021 the year-on-year rate of increase in prices was 9.8% for new apartments (up to 5 years old) and 8.6% for old apartments (over 5 years old). 

For 2021, prices of new apartments increased on average by 7.4%, against an increase of 4.9% in 2020, whereas prices of old apartments increased by 6.9% in 2021, against an increase of 4.2% in 2020.

Broken down by region, in the fourth quarter of 2021 apartment prices increased year-on-year by 10.5% in Athens, 8.3% in Thessaloniki and other cities and 7.1% in other areas of Greece. For 2021 as a whole, prices increased on average by 9.1%, 6.9%, 5.4% and 4.6% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2021 apartment prices increased by 9.7% compared to the fourth quarter of 2020, while for 2021 they increased at an average annual rate of 7.5%.

This article was first published here. 

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*Image courtesy of Sotheby’s Greece