Property prices dip in downturn

Prices of residences in Attica fell in the first quarter of the year by 4 to 10 percent on a year-to-year basis, with the northern suburbs showing the greatest resilience to the downturn. Data from broker Aspis Real Estate showed yesterday that it concluded 300 deals in the first three months of the year, versus 290 in the same period one year earlier. The shift in interest to older properties has helped buyers secure lower prices while also sticking to the area and property size they are interested in, Aspis said. The best-performing districts were in the northern Athens suburbs, such as Maroussi and Halandri, where home prices slipped by 4 to 5 percent. The steepest losses were seen in the western suburbs, such as Peristeri, where prices fell by 9 to 10 percent. Buyers have not been taking advantage of lower prices, according to industry sources, due to the reluctance of banks to approve loans and uncertainty stemming from the country’s macroeconomic predicament.

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