ECONOMY

Local property market third from bottom out of 40 countries

local-property-market-third-from-bottom-out-of-40-countries

The Greek property market remains a global laggard as the continuing decline in prices means the country still ranks among the worst performers in the world in this respect.

According to the latest survey by the Global Property Guide, on the second quarter of 2015, the local property market had the third worst performance among 40 countries as property prices dropped by 5.92 percent on an annual basis.

The fourth-worst performance belonged to Cyprus, which saw its prices decline by 5.27 percent year-on-year.

In the first quarter of the year prices in Greece fell 3.38 percent year-on-year.