BUSINESS

House prices show marked slowdown

NIKOS ROUSSANOGLOU

TAGS: Property

The Greek housing market has doubtlessly slowed down this year, with the sale price growth rate declining for six consecutive months. Based on data from the first quarter of 2020, the slowdown marks are clear, as most areas observed a lower pace of price growth compared to the fourth quarter of last year.

Across Greece prices grew at an annual rate of 6 percent in the January-March period in 2020, against 6.5 percent in the previous quarter, which had also posted a slowdown from the annual rate of 7.4 percent in the third quarter of 2019, according to the latest figures from the property index of online classified property ads platform Spitogatos.

In the center of Athens there had been a price rally over the previous couple of years as rates grew 30 percent or more thanks to the rush to benefit from online short-term property rentals and the Golden Visa residence permit incentive for investors. The growth rate of property prices in the center of the capital rose 10.7 percent year-on-year up to the last quarter of 2019, but in Q1 this year this slowed to 4.8 percent.

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