New data from the Bank of Greece has found that the cost of buying a property in Greece became significantly cheaper in the year to September 2012. Greek house prices fell by 11.7 per cent in the third quarter of 2012 compared to the same three months in 2011 with the number of property sales also falling.
Keep reading to learn more about why buying a property in Greece is becoming cheaper.
Greek property prices fall sharply
The Bank of Greece figures continue the downward trend in Greek property prices. Year-on-year property values fell by 9.3 per cent in the first quarter and 10.2 per cent in the second quarter. The data also showed that new build homes have fared worst, falling in value by 13.5 per cent over the last year.
The number of property sales in Greece has also fallen, with transactions falling from 6,400 in April to June 2012 to just 4,900 in the third quarter. This represents a 48.7 per cent fall compared to the same period in 2011.
Ã¢â¬ÅThe countryÃ¢â¬â¢s well documented economic problems have resulted in a sharp fall in property prices. Anyone looking to buy a property in Greece will receive great value for money, for seller the news is obviously less welcome but no unexpected.
The report from the Bank of Greece follows data from Alpha Bank which has revealed that only 20,000 new homes will have been built in Greece by the end of 2012. Just 12,622 new homes were built in the country in the seven months to July 2012.
Construction in Greece is now one fifth of pre-recession levels with 103,865 new homes being built in the country in 2007.
Author Nick Marr
Homesgofast.com help owners agents and developers with Greek property to sell to an international audience learn more selling Greek property