Housing market continues to suffer

Housing market continues to suffer

Greece is once again in last position in an international survey on the growth of property prices, posting a 5.9 percent annual decrease in the third quarter of the year, according to the House-Price Index compiled by The Economist.

The Greek property market has had the worst performance among the 26 countries monitored in the survey, with Singapore just above Greece with a 3.7 percent yearly decline in the July-September period. Just five out of all the countries monitored have posted a price decline.

Notably, The Economist commented that house prices in Greece are now undervalued by 17 percent in comparison with per capita disposable income. Still, this calculation is based on a long-term average disposable income rate and not that of the last few years, which would have likely produced the opposite result, that houses are actually overvalued.

The results of this survey regarding Greece coincide with the findings of other reports on the global course of house prices, such as that by Knight Frank, which placed the Greek market among the worst in the world – 53rd out of 56 states – while the Global Property Guide placed Greece third from bottom.

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