Greek property prices have continued to drop considerably in the third quarter of the year, despite a slight improvement in the country's economic situation, central bank data revealed.
Bank of Greece data has shown that apartment prices have dipped by 9.9 per cent in the third quarter, when compared with a year earlier. This contributes to an overall drop of 31.6 per cent in apartment prices since the country's six year economic crisis began in 2008.
Greece has one of the highest home ownership rates in Western Europe, with 80 per cent, therefore it accounts for a large proportion of the country's household wealth.
The speed of declining house prices increased in 2010 when the country's debt crisis grew worse, with house prices dropping 4.7 per cent in 2010, 5.5 per cent in 2011 and 11.7 per cent in 2012.
According to ekathmerini.com, this is due to the reduction in household incomes, a record high of unemployment and tax increases causing a strain on the country's finances.
Paschos Mandravelis, political commentator for Kathimerini newspaper, told cnbc.com that unlike the council tax in the UK, where people know that the money they pay goes on repairing roads or generally improving the borough they live in, the increasing Greek tax doesn't make sense to people.
Mr Mandravelis said: "They think this is one more way for the government to make bad use of their money."