Property prices keep sliding

The gap between properties’ market prices and their so-called objective values, used for tax purposes, is continuing to widen, as a number of older houses in the center of Athens have recently been sold for up to 70 percent less than their objective values.

That was the conclusion following the presentation of estate agents’ data during the Hellenic Valuation Institute’s annual conference on Saturday, showing the market distortion that has resulted from the state’s failure to adjust the objective values, which have remained the same since 2007.

Data presented by economist Maria Filippakopoulou showed a 20 percent drop in sales prices in Athens and its northern suburbs in 2013 compared with 2012.

Panayiotis Mavraganis, head of consultancy services at Eurobank Property Services, referred to the high stock of unsold houses that he estimates to amount to the record number of 250,000-270,000. Transactions in 2012 numbered just 10,000, he added.