ECONOMY

Property prices plunge in affluent Kolonaki

The real estate market in Kolonaki was the worst performer among central Athens districts last year as economic uncertainty fuelled by the Greek debt crisis kept a lid firmly shut on property demand, according to a broker.

EFG Eurobank Property Services said in a report that apartment prices in Kolonaki fell by more than 15 percent in 2010, from the previous year, with the volume of transactions being ‘particularly limited.’

?Price levels – the highest in the Athens City Council – fluctuate greatly and depend on the property?s view of Lycabettus Hill and the Acropolis, its proximity to the main square and of course on the quality of the building,? the report said.

Prices for newly built apartments in Kolonaki range from 7,000 euros per square metre to 10,000 euros, the report added.

The drop was not as steep in the closeby areas of Ampelokipi and Neos Kosmos where prices for new apartments retreated by an annual pace of nine percent and four percent, respectively, the report added.