According to data collected from credit institutions, nominal apartment prices are estimated to have declined by 13.2% year-on-year in the fourth quarter of 2012 (revised data on annual rates of change: Q1: -10.2%, Q2: -10.8% and Q3: -12.6%). Apartment prices fell significantly by 11.7% on average in 2012, compared with 5.5% in 2011.

Apartment prices by age and geographical area

More specifically, the prices of "new" apartments, i.e. up to 5 years old, dropped year-on-year in the fourth quarter of 2012 by 11.0% (Q1: -11.1%, Q2: -11.5% and Q3: -13.5%, according to revised data), and the prices of "old" apartments, i.e. over 5 years old, by 14.6% (2012 Q1: -9.5%, Q2: -10.4%, Q3: -11.9%). The prices of "new" apartments declined by 11.8% on average in 2012, against 5.0% in 2011, whereas for "old" apartments the prices declined by 11.6% in 2012, against 5.8% in 2011.

According to data broken down by geographical area, apartment prices are estimated to have declined year-on-year in the fourth quarter of 2012 by 13.1% in Athens, 14.7% in Thessaloniki, 12.9% in other big cities as well as in other areas of Greece. In the first quarter of 2012, the respective annual rates of change were -9.9%, -12.2%, -9.0% and -10.9%, in the second quarter -11.3%, -14.1%, -10.1% and -9.3%, and in the third quarter -12.8%, -14.0%,
-11.7% and -12.5%. These figures show that apartment prices in Athens and Thessaloniki declined at a marginally stronger rate in the course of 2012 (average annual change: -11.8% and -13.7%, respectively).

More detailed tables on house prices by geographical area (Athens, Thessaloniki, other cities and other areas), which also distinguish between "new" (up to 5 years old) and "old" (over 5 years old) apartments, are published in the "Bulletin of Conjunctural Indicators" (Tables