House prices rose 13.4% in 2023
Nevertheless the realty rate inflation shows signs of abating, according to the Bank of Greece
Sales prices of residential property increased last year at an average annual rate of 13.4% throughout the country, according to data from the Bank of Greece. This is even steeper than 2022, when they had increased by 11.9%.
As can be seen from the price indexes of the Bank of Greece, from the beginning of 2018 until the end of 2023, the average sales prices of houses nationwide have increased by 60%.
However, during the same period, in Attica, the increase reaches 79%, having now returned to the previous high, which was recorded over the 2007-2008 period. In fact, as real estate market insiders report, in several areas of high demand, sales prices are now higher than those of the period before the financial crisis.
The title of the “champion” of increases for 2023 has gone to Thessaloniki, where prices increased by 16.2%, from 12.7% in 2022. Correspondingly, in Attica, the increase in 2023 reached 13.7% on average, maintaining a similar rate of increase to 2022, when prices had increased by 13.9% on average.
As for the other major cities, the increase in 2023 amounted to 14.5% (11% in 2022), while in the rest of the country, house prices strengthened at an average annual rate of 10.8% (8.2% in 2022).
One of the conclusions, however, that emerges from the data of the central bank is that the rate of price increase has begun to decelerate.
During the fourth quarter of the year, prices across the country increased by 11.8%, compared to an increase of 12.1% in the immediately preceding quarter, and 15.4% in the first quarter of 2023.
A similar picture is also observed in the rest of the country’s regions, with the increase in Attica in the fourth quarter reaching 10.8%, compared to an increase of 12.3% in the third quarter and 17.3% in the first quarter of 2023.
This picture is an indication that the first resistance among interested buyers has become to emerge, which is expected to be followed by a possible decrease in purchasing interest.
