Urban real estate in Greece is getting cheaper faster than rural

Urban real estate in Greece is getting cheaper faster than rural

Real estate prices in Greece fell by 11.6% compared to the previous year, and in the cities the situation is worse than in the villages. Such information has the Bank of Greece.

At the end of the 2012 the fall since the beginning of the crisis was estimated at about 30%, and in the first quarter of 2013 the average price fell by 11.3% compared to the first quarter of 2012. In 2012 compared to 2011 the decline in prices was recorded at 11.7%.

The study conducted by the Greek Central Bank also revealed that the price of old houses are falling faster than the price of new ones. This suggests that the owners of second homes are ready to significantly cut prices to sell their property quickly and get the money, that is so necessary in the age of austerity policies.

During the period from April to June 2013 primary housing has fallen in price by an average of 11.3%, compared with 11.8% drop in prices for second homes. During the first quarter of 2013 new apartments plunged by 10.3%, while the value of "secondary" decreased by 12%.

The fastest falling prices in the second quarter of 2013 are in Athens - 12.7% and in Thessaloniki - 10.5%. In 2012, the decline in prices in Athens was recorded at 11.5%, while in Thessaloniki - 11.8%. If in large cities prices fell by an average of 11.5%, in the regions the decline in the second quarter of 2013 was 10%.