ECONOMY

More than 50% drop in property transactions in 2020

more-than-50-drop-in-property-transactions-in-2020

The property market has had a hard landing in 2020 in terms of both prices and transactions, after soaring for the previous three years.

There is no better illustration of that than the transaction data in the Municipality of Athens, where only 2,289 apartments have been sold so far this year, against 4,852 in the whole of 2019. This is a decline of 53% year-on-year that is unlikely to change in 2020’s three remaining weeks.

There are similar decline rates in other districts in the wider area of the Greek capital, with Nea Smyrni reporting a 59% drop, as Glyfada and Kallithea have seen 46% fewer apartments changing hands this year.