Vertical growth was noted by real estate in 2023, as evidenced by the TTE. Specifically, in 2023, apartment prices increased at an average annual rate of 13.4%, compared to an increase of 11.9% in 2022, according to the Bank of Greece. More specifically, the increase in prices in the fourth quarter of 2023 compared to the corresponding quarter of 2022 was 11.0% for new apartments, i.e. up to 5 years of age, and 12.4% for old ones, i.e. over 5 years of age. For 2023, the average annual rate of increase in prices for the new apartments was 12.4%, compared with an increase of 12.5% in 2022, while the average annual rate of increase for the old apartments was 14.2% in 2023, compared with an increase of 11.6% in 2022. The analysis of the data by geographical area shows that the increase in apartment prices in the fourth quarter of 2023 compared to the corresponding quarter of 2022 was 10.8% in Athens, 14.6% in Thessaloniki, 13.9% in other major cities and 11.2% in other regions of the country. For the total of 2023, the rise in prices in the same regions as 2022 was 13.7%, 16.2%, 14.5% and 10.8% respectively. Finally, for all urban areas of the country, in the fourth quarter of 2023 the prices of the apartments were on average increased by 12.1% compared to the fourth quarter of 2022, while for 2023 the average annual increase was 13.9%. Source: RES – ICM
Bank of Greece: The prices of the real estate were ‘sold’ in 2023
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