ECONOMY

BoG sees no end to property rate slide this year

bog-sees-no-end-to-property-rate-slide-this-year

The Bank of Greece expects the local home and commercial property markets to continue their price slide in 2016.

The adverse economic environment, the capital controls and the unstable tax status of the sector continue to hamper the property markets’ recovery.

The central bank warned in a report on Monday that it will take an end to uncertainty and the strengthening of the expectations of households and corporations for property prices to start rebounding. It did see a silver lining, though, in the adjustment of the prices used for tax purposes – known as objective values – which could help property rates recover.