Saturday March 28, 2015 Search
Weather | Athens
14o C
09o 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 countrys 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)  
Fitch downgrades Greece amid bailout uncertainty
Bank accounts continue to bleed
Hania and Athens are the top picks for Easter visitors
Landlords to pay tax on unpaid rent
Disabled convicts to be freed early
A bill allowing prisoners with serious disabilities to be released early is due to be submitted to Parliament next week despite objections from some opposition parties. The would-be legislat...
Greek energy minister starts two-day visit to Russia on Monday
Energy Minister Panayiotis Lafazanis is due to meet his Russian counterpart Alexander Novak and the chief executive of energy giant Gazprom, Alexey Miller, in Moscow on Monday. Lafazaniss m...
Inside News
BASKETBALL
Greens live dangerously in Istanbul
Panathinaikos played with fire in Istanbul, but still managed to beat Galatasaray 86-84 on Friday and climb to the third sport of its group two games before the end of the Euroleague top-16....
SOCCER
Greek federation backs injured Holebas
The Greek soccer federation on Friday insisted that international defender Jose Holebas had been dropped from team training in Austria because of injury and not for any other reason. Media r...
Inside Sports
COMMENTARY
Lets change the subject
Lets talk about the weather. The cloudy skies, the rain, storms and humidity, the overall heavy atmosphere. Its better to think of that than politics and politicians, whatever cuts they ma...
EDITORIAL
Too little, too late?
Many of the measures that are rumored to comprise part of the list that the Greek government is expected to submit to the European Commission, European Central Bank and the International Mon...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Disabled convicts to be freed early
2. Greek energy minister starts two-day visit to Russia on Monday
3. Opposition tells Tsipras to get control of his party
4. Vitsentzos Kornaros passenger ferry finally on its way
5. Foreign laborer dies after falling from 3rd floor of Iraklio building
6. A 5.3 Richter quake rattles area between Crete and Kasos
more news
Today
This Week
1. Fitch downgrades Greece amid bailout uncertainty
2. Let's change the subject
3. Opposition tells Tsipras to get control of his party
4. Disabled convicts to be freed early
5. Five arrested over debts to the state
6. Too little, too late?
Today
This Week
1. Next Monday is D-Day for state funds
2. EU asks Greece for more reforms to speed talks on bailout
3. PM faces Merkel amid race to detail reforms
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. Looking at the Chinese model
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.