ECONOMY

Drop in housing prices continues unabated

drop-in-housing-prices-continues-unabated

The Greek property market recorded the fourth worst performance in the world over the second quarter of this year, according to the quarterly survey conducted by property service company Knight Frank.

Property prices in Greece posted an annual drop of 5.9 percent, taking the local market to 53rd position out of 56 countries surveyed. In the first quarter of the year the decline in property rates had amounted to 4.1 percent, indicating that the pace of the decline is increasing and had been even before the capital controls were introduced in late June.