ECONOMY

Apartment prices falling at faster rate

A drop in Greek apartment prices accelerated in the last quarter of 2010, with the cost of new homes retreating the most, Bank of Greece data showed on Thursday.

Average apartment prices in Greece dropped by 5.7 percent between October to December, picking up from annual drop of 4.7 percent and 4.1 percent in the second and third quarter respectively, the bank said in a statement.

For the whole of 2010, housing prices eased by 4 percent, versus a 3.7 percent drop in 2009.

The price of apartments aged up to five years fell 8.1 percent from the same period a year earlier, while older apartments saw prices fall by 4 percent.

On a geographical basis, Thessaloniki’s property market was hardest hit the slowndown. Data showed apartment prices in the northern Greek city retreated by 9 percent in the last quarter, versus a 5.1 percent fall in Athens.