Greek Property Prices 2014 Continue to Drop

The Bank of Greece data showed that Greek housing prices are dropping during the first quarter of 2014, compared to the same period of last year. It is estimated that prices have decreased by 7.5 percent in 2014. According to revised data, housing prices dropped with an average annual rate of 10.3 percent in 2013 ( 11.5 percent, 11.7 percent, 9.2 percent and 8.6 percent in the first, second, third and fourth quarter of 2013 respectively). In 2012, price drops amounted to 11.7 percent compared to 2013. More specifically, in the first quarter of 2014, prices of newly built homes (up to 5 years old) fell 7.6 percent while older ones saw a drop of 7.5 percent, compared to 2013. The correspondent annual decline rate in 2013 came to 10.4 percent for newly built homes and 10.2 percent for older housing. Analysis of data by geographical area showed a decrease in the prices of apartments by 10.6 percent in Athens, 7.4 percent in Thessaloniki, 5.3 percent in other big Greek cities and 3.8 percent in the remaining regions of Greece. According to revised data, the annual decline in 2013 was 11.9 percent, 8.8 percent, 10.1 percent and 7.9 percent respectively.

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