House prices fall 10-20 pct

Houses and apartments in the center of Athens as well as the capital?s more expensive northern suburbs posted a drop in prices in 2011 that ranged between 10 and 20 percent, according to a survey by Eurobank Property Services.

There is now much greater flexibility in negotiations on the part of sellers, largely resulting from the fact that the number of transactions is particularly low.

At the same time there has been a rationalization in the asking prices in what used to be unjustifiably expensive areas, with rates for districts with similar characteristics converging, the report has shown.

Kolonaki in central Athens, for instance, has seen a 15 percent decline in prices for older houses, which now range from 2,700 to 6,000 euros per square meter.