Greek house prices slide with financial meltdown
This content is archived.
Greek property prices continued to slide in Q1 2010. The Athens residential property price index was 2% down on the year to Q1. In urban areas other than Athens, the price index fell 2.6% y-o-y, according to the Bank of Greece. Prices reached their peaks in mid-2008, but have since dropped by 6.3% in Athens and 6.7% in other urban areas.
Falling tourism has led to lower prices of ‘apartments’, a general term for holiday homes, villas and other tourist-oriented vacation units. The average price of old apartments (5 years old or older) dropped 4% y-o-y to Q1 2010. On the other hand, the price of new apartments (less than 5 years old) fell 0.3% over the same period.
The rest of this archived report is part of Full Access.
