Why Greek real estate cost less than a year ago

  • 11 years ago
  • Uncategorized

 

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 ‘old’ 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 ‘new’
apartments (those up to 5 years old) dropped year-on-year in the fourth quarter
of 2012 by 11 per cent. The prices of ‘old’ 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

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