Greece Housing Market Suffering
Greece’s economic crisis is sending shockwaves through every market sector of the country and residential real estate is not being spared. Real estate transactions have decreased in volume and value, with prices in every type of residence dropping. The biggest price falls are hitting the biggest cities hardest. Average home prices in Athens had dropped 6.71% by the end of the second quarter in 2011, and prices in the second-largest city of Thessaloniki fell 4.7%. The market is not being helped by the drastic austerity measures being enforced by the Greek government to qualify for help from other European Union nations that include tax increases and stifling economic reform. For more on this continue reading the following article from Global Property Guide .
Residential property prices in Greece continue to fall, with the Greek economy enduring one of its worst crises in its history.
The average price of apartments in Greece fell by 4.5% y-o-y to Q2 2011, according to the Bank of Greece . Over the same period, the price of old apartments (5 years or older) fell 5.5%, while prices of newer apartments fell 3%.
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