Thursday August 21, 2014 Search
Weather | Athens
32o C
25o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece posts second-steepest drop in house prices in EU

By Nikos Roussanoglou

The Greek housing market posted the second-worst performance among European Union countries in the third quarter of 2013, as according to Bank of Greece data prices fell at an annual rate of 9.2 percent following five years of decline. Eurostat announced on Tuesday that Greece was only second to new EU member Croatia in terms of the drop in house prices.

At the same time a slowdown was observed in the rate of decline across the eurozone, with the average fall coming to just 1.3 percent in Q3 compared to an annual slide of 2.4 percent in the second quarter. Across the EU the drop amounted to no more than 0.5 percent.

The Greek property market picture is unlikely to change in the next few months, even though the total price decrease has reached 32 percent across the country since the start of the financial crisis.

Bank of Greece data published in a recent report point to an average waiting time of 12 months from when properties are put on the market to the actual sale, compared with just five months in 2009. The situation in the local market is rapidly deteriorating, as it was only two months earlier that the country’s central bank had estimated the average waiting period before a house is sold at 10 months.

Similarly, on average, buyers are able to negotiate 21.5 percent off the asking price, while in early 2009 the difference was just 12.6 percent.

The Bank of Greece noted that the market continues to be dominated by excessive supply and a considerable decline in demand, which should be attributed to the major increase in unemployment and the reduction in households’ disposable incomes, the rise in property taxes, the instability of the tax framework and the lack of cash flow given banks’ very strict loan terms.

ekathimerini.com , Tuesday Jan 21, 2014 (22:50)  
Primary surplus exceeds January-July target figure
Ryanair in Cyprus Airways talks
Summertime tax violations still common
Eurozone business growth slows in July, prices fall: PMI
KEPs to issue new and replacement driving licenses
Greeks and foreigners living in Greece will no longer have to queue up at the Transport Ministry to get new or replacement driving licenses as the government decided yesterday that Citizen S...
EU funds reserved for waste facilities in northern Greece
Plans for two waste processing facilities in northern Greece – one for Epirus and one for eastern Macedonia – came a step closer to fruition Thursday after the Environment Ministry issued a ...
Inside News
SOCCER
Greek soccer officials in refereeing probe to face prosecutor on Sept 15
Eleven soccer officials were on Wednesday given until September 15 before they have to face prosecutor Aristidis Koreas, who is investigating allegations that the draws to decide which match...
ATHLETICS
Long jumper Tsatoumas takes Greece´s second silver at European Championships
Greece won its second medal at the European Athletics Championships in Zurich, Switzerland, on Sunday with Louis Tsatoumas coming second in the long jump. Briton Greg Rutherford won the even...
Inside Sports
COMMENTARY
Self-destructing political system
It finally seemed as if we had found some peace of mind. The vast majority of Greek MPs chose to abstain from festivities on August 15, also known as Assumption Day, thus sparing us from the...
EDITORIAL
Welcome movement
Many have spoken about the need to spur economic growth in this debt-wracked country, but very few officials seem to actually be doing anything meaningful to make this happen. Recent weeks h...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Primary surplus exceeds January-July target figure
2. KEPs to issue new and replacement driving licenses
3. EU funds reserved for waste facilities in northern Greece
4. Interest in Kranidi growing but water is running low
5. Greek coast guard detains 52 in Aegean operations
6. Serres farmer crushed to death by earth-moving machine
more news
Today
This Week
1. Merkel cites euro’s ‘construction flaws’ as economy sputters
2. Brussels warns Greece over plans to allow construction near Korinos beach
3. Second man held over double murder in Mani
4. Avramopoulos in US for talks with Hagel on possible Greek role in peace missions
5. Eurozone business growth slows in July, prices fall: PMI
6. Three held on Rhodes over human trafficking accusations
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. Treating Amphipolis with care
3. Canada’s fiscal adjustment has lessons for Greece
4. Greece to offer law on restructuring bad loans next month
5. Greece’s recession eases as country nears end to six-year slump
6. Ministry sys ‘no’ to debt collection agencies
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.