New figures published by the Bank of Greece show that the cost of buying an apartment in the troubled country has fallen significantly in the last year. The values of some apartments have fallen by around one seventh in the past 12 months, with the value of Ã¢â¬ËoldÃ¢â¬â¢ apartments particularly hard hit.
Buying an apartment in Greece has become significantly cheaper over the last year, as we see next.
Apartment prices in Greece fell sharply in 2012
According to data collected from credit institutions, apartment prices in Greece are estimated to have fallen by 13.2 per cent year-on-year in the fourth quarter of 2012. Apartment prices fell significantly by 11.7 per cent on average in 2012, compared with 5.5 per cent in 2011.
The Bank of Greece date found that the prices of Ã¢â¬ËnewÃ¢â¬â¢ apartments (those up to 5 years old) dropped year-on-year in the fourth quarter of 2012 by 11 per cent. The prices of Ã¢â¬ËoldÃ¢â¬â¢ apartments (those over 5 years old) fared even worse, declining by 14.6 per cent in the same period.
The prices of new apartments declined by 11.8 per cent on average in 2012, compared to 5.0 per cent in 2011. For old apartments, the prices declined by 11.6 per cent in 2012, compared to 5.8 per cent in 2011.
There were also geographical differences. Apartment prices are estimated to have declined year-on-year in the fourth quarter of 2012 by 13.1 per cent in Athens, 14.7 per cent in Thessaloniki and 12.9 per cent in other big cities as well as in other areas of Greece. These figures show that apartment prices in Athens and Thessaloniki declined at a marginally stronger rate in the course of 2012.
Author : Nick Marr