Drop in property prices in Greece has slowed down

Drop in property prices in Greece has slowed down

According to the Bank of Greece, in Q4 2013, housing prices in Greece were 8.5% lower than a year before. Meanwhile, year over year the prices dropped by 11.4% in the 1st quarter, by 11.7% in the 2nd, and by 9.2% in the 3rd, writes ee24.com. It was also reported that in 2013 apartments in Greece fell in price by 10.3%, whereas in 2012 - by 11.7%.

Prices for apartments in the primary market were dropping faster than in the secondary. Housing in large cities was becoming cheaper a bit faster than in small ones. Thus, in 2013 a property in Athens has become by 11.9% more affordable, in Thessaloniki - by 8.6%, in other big cities of Greece - by 10%, while in small towns and rural areas - by 7.9%.

Recall that the real estate market in Greece was one of those who suffered from crisis the most, and in 2013 it was even included in the number of five worst markets in the world.

Opinion of the ee24.com expert's portal

Georgios Pavlidis, president of Crete Properties Developers: "It is very obvious better days are coming for the real estate market in Greece, as for the first time after 3 years. Banks have announced they will release serious funds for new mortgages in 2014. Therefore, it is a matter of time till prices start gradually goin up."