New home prices hold steady

Apartment sale prices in the first nine months of the year fell 3.8 percent on an annual basis, according to data prepared by the Bank of Greece, with older properties showing a steeper price correction. The Bank of Greece, the country’s central bank, said the price dip in apartments more than 5 years old reached 4.7 percent versus a 2.4 percent dip in the cost of acquiring a new apartment. «This appears to reflect the relatively higher resilience of prices on newly built homes that are put up for sale by development companies,» the bank said in a statement. The data, published for the first time, is part of the central bank’s efforts to increase the quality flow of information that measures developments on Greece’s property market. Price fluctuations in residential housing differed across Greece. The Bank of Greece said that apartment prices in Athens fell by 5.1 percent year-on-year in the first nine months of the year, by 6 percent in Thessaloniki and 3 percent in other large cities.

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