Greek Apartment Prices Drop 10.3 pct in 2013

Apartment prices continued falling in 2013, although at a slower pace, the Bank of Greece said on Friday. In a report, the central bank said that apartment prices fell by 10.3 pct on average last year for a decline of 22 pct in the 2012-2013 period. More specifically, the prices of “new” apartments dropped year-on-year in the fourth quarter of 2013 by 9.5% (Q1: -10.2%, Q2: -11.4% and Q3: -10.4, according to revised data), and the prices of “old” apartments by 7.8% (2013 Q1: -12.2%, Q2: -11.9%, Q3: -8.4%). The prices of “new” apartments declined by 10.4% on average in 2013, against 12.1% in 2012, whereas for “old” apartments prices declined by 10.2% in 2013, against 11.4% in 2012. According to data broken down by geographical area, apartment prices are estimated to have declined year-on-year in the fourth quarter of 2013 by 10.9% in Athens, 6.9% in Thessaloniki, 8.3% in other big cities and 4.6% in other areas of Greece. For the whole of 2013, the respective annual rates of change were -11.9%, -8.6%, -10.0% and -7.9%. Residential property appraisals-transactions conducted with Monetary Financial Institution inter mediation for any purpose came to 3,841 in the fourth quarter of 2013, compared with 4,321 in the third quarter, 5,074 in the second quarter and 10,565 in the first quarter of 2013. Finally, the value of residential property appraisals-transactions conducted with Monetary Financial Institution inter mediation dropped by 69.2% year-on-year in the fourth quarter of 2013 (first, second and third quarters of 2013: 37.1%, -35.8% and -32.3%, respectively). In 2013, the average annual rate of change was -29.9%. (source: ana-mpa)

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