The real estate market rally continued in 2024, according to the Bank of Greece (BoG).
More specifically, apartment prices rose at an average annual rate of 8.7%, compared to an increase of 13.9% in 2023. Based on the available provisional data, it is estimated that in the fourth quarter of 2024, apartment prices (in nominal terms) were on average 6.6% higher than in the corresponding quarter of 2023.
Both new and old apartments moved on an upward trajectory, with the increase in newly built apartments recording a double-digit increase last year. In detail, the increase in prices in the fourth quarter of 2024 compared to the corresponding quarter of 2023 was 9.1% for new apartments, i.e. up to 5 years old, and 4.9% for old apartments, i.e. over 5 years old.
10.1% increase in prices of newly built apartments in 2024
The average annual price increase rate for new apartments was 10.1% in 2024, compared to a growth rate of 12.9% in 2023, while the average annual price increase rate for old apartments was 7.8% in 2024, compared to a growth rate of 14.5% in 2023.
Based on each geographical area, the increase in apartment prices in the fourth quarter of 2024 compared to the corresponding quarter of 2023 stood at 6.2% in Athens, 8.2% in Thessaloniki, 4.6% in other major cities and 8.7% in the rest of the country.
For the entire year, the increase in prices in the same areas compared to 2023 was 8.2%, 11.2%, 7.1% and 10.6% respectively. Finally, for all urban areas of the country, in the fourth quarter of 2024 apartment prices on average increased by 5.9% compared to the fourth quarter of 2023, while in 2024 the average annual increase was 8.4%.
