Housing prices in Greece fell by 11,7% in the third quarter

Housing prices in Greece fell by 11,7% in the third quarter

Greek property prices fell by 11,7% in the third quarter of 2012 compared to the same period in 2011. According to the latest data released by Bank of Greece, the cost of housing is reduced from year to year. In the first quarter falling prices reached 9,3%, in the second – 10,2%. Cost per square meter for new homes has fallen even more (13,5%).

Real estate sales also declined, according to a published report. While in the second quarter of 2012 were committed 6400 transactions, in the third quarter - only 4900, which is 48,7% less than in the same period of 2011.

Total in 2012 inGreecebuilt 20000 new homes. However, only 12622 houses appeared in the first seven months - until July 2012. Compared with 2007, when there were 103865 housing units built, the construction inGreecehas now reached only one fifth of the pre-crisis level.