ECONOMY

Aspis: Piraeus area leads home price drop in 2009

Residential property prices fell 6 percent year-on-year in 2009 in the area of Attica, with the largest decline recorded for newly built homes in Piraeus, according to data provided by Aspis Real Estate. Data compiled by the real estate agent showed that the price of newly constructed homes in Piraeus fell 6.8 percent relative to the previous year, followed by drops of 5.3 percent and 5.2 percent in the western and southern suburbs of Athens respectively. The smallest drop was in the northern part of the capital where prices dipped by 3.7 percent on an annual basis. «There have been no sudden price drops in the residential property market in Attica, as prices continue to drop moderately [in a trend] which had started in mid-2007 and picked up in 2008 and 2009,» Aspis Real Estate managing director Daniil Psomiadis said in a statement.