Residential housing prices slipped 8.4 percent in 08

Residential housing prices fell 8.4 percent in 2008 with the largest decline taking place in the last few months of the year when the crisis started to show its teeth. Propindex, a real estate index compiled by the country’s largest banks, indicated that prices will continue to head downward. Constantinos Michalos, president of the Athens Chamber of Commerce and Industry (EBEA), said yesterday he expected a further 10 percent drop in prices this year. »As of January, building permits issued were reduced by 25 percent in comparison with the same month one year earlier,» he told a conference.

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