Pricey pads get cheaper

Houses carrying a price tag of at least 1 million euros saw the biggest price drops in the first quarter of the year, reaching up to 30 percent, according to a recent survey by Danos-BNP Paribas.

The real estate firm commented that the decline should have been deeper, given the problematic state of the property market during the current financial crisis.

The index that the survey uses to measure price levels actually posted a small increase, from 90.9 points in the last quarter of 2010 to 91.5 in Q1, 2011.

The survey sees prices dropping further still over the course of the year due to low demand, lack of funding by banks and high interest rates.

The highest housing prices in the north of the capital are to be found in Kifissia (from 3,000 to 5,000 euros per square meter) and in the south at Vouliagmeni (between 5,200 and 7,200 euros/sq.m.).