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The price increase in the first quarter of 2023 compared to the corresponding quarter of 2022 was 12.8% for new apartments.
Apartment prices increased by 14.5% on average in the first quarter of 2023, based on the available provisional data from the Bank of Greece, (in nominal terms), compared to the corresponding quarter of 2022.
For 2022, apartment prices rose at an average annual rate of 11.7% (revised figures), compared to 7.6% growth in 2021.
In more detail, the price increase in the first quarter of 2023 compared to the corresponding quarter of 2022 was 12.8% for new apartments, i.e. up to 5 years old, and 15.6% for old ones, i.e. aged over 5 years old.
Based on the revised figures, for 2022 the average annual rate of increase in prices for new apartments was 12.2%, compared to an increase of 8.2% in 2021, while the average annual rate of increase for old apartments was 11.3 % in 2022, compared to an increase of 7.2% in 2021.

Athens is the champion in increases

From the analysis of the data by geographical region, it appears that the increase in apartment prices in the first quarter of 2023 compared to the corresponding quarter of 2022 was 16.5% in Athens, 16.1% in Thessaloniki, 13.1% in other large cities and 10.6% in the other regions of the country. For the whole of 2022, the price increase in the same regions compared to 2021 was 13.7%, 12.5%, 10.6% and 7.9% respectively (revised figures). Finally, for all the urban areas of the country, in the first quarter of 2023 apartment prices increased by 14.7% compared to the first quarter of 2022, while for 2022 the average annual increase was 12.1 % (revised figures).

Source: Bank of Greece.