Apartment prices in Greece have soared, with estimates indicating that nominal prices grew by 4.6 percent on average in the second quarter of 2021.

According to figures from the Bank of Greece, the increase in the first quarter was 3.5 percent, compared to the same period in 2020.

Nominal apartment prices — the sort of home that the great majority of Greeks purchase — grew at a 4.4 percent annual rate in 2020.

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More specifically, prices rose 4.7 percent for new apartments (those less than five years old) and 4.6 percent for older flats in the second quarter of 2021 compared to the same quarter in 2020.

According to revised Bank of Greece data, new apartment prices in Greece grew by 3.4 percent in the first quarter of 2021, while older apartment prices increased by 3.6 percent compared to the same quarter in 2020.

Prices for new and old apartments climbed at a 4.8 percent and 4.1 percent annual rate, respectively, in 2020.

In Athens, the increase in apartment prices in the second quarter of 2021 compared to the same quarter in 2020 was 6.4 percent, according to data broken down by geographical area.

It was 4.1 percent in Thessaloniki, 3.2 percent in other big cities, and 2.6 percent in the rest of the country.

According to the revised figures, apartment prices rose 5.6 percent in Athens, 3.8 percent in Thessaloniki, 1.6 percent in other major cities, and 0.9 percent in other parts of Greece in the first quarter of 2021 compared to the first quarter of 2020.

The price increases in the same sectors in 2020 were 7.6%, 4.8 percent, 0.2 percent, and 1.8 percent, respectively, compared to 2019.

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