ECONOMY

Properties in capital’s northern suburbs resist the trend

Even after six years of recession, from 2008 to 2013, the sale prices of newly built houses in the northern suburbs of Athens are proving remarkably resistant to pressure.

Data released by the Hellenic Valuation Institute (ELIE) on the course of the property market in 2014 showed that areas such as Kifissia, Politia, Neo Psychico, Halandri and Maroussi showed that new apartments are sold at prices near or even above so-called objective values, or the official rates used for tax purposes.

Developers are determined to keep prices above objective values, and seeing they cannot secure buyers, choose to rent out their properties.