The pace at which housing prices in Greece are falling picked up in the first quarter of the year, dropping 5% on an annual basis, with the property market in Thessaloniki in a deep slump. According to figures presented by the Bank of Greece on Thursday, as daily Kathimerini reports, apartment prices in Athens fell 5.9% between January and March, after slipping 3.2% in 2010 and 4.6% in 2009. In Thessaloniki, housing prices went up to 7.5%, after dropping 7.4% and 6% in 2010 and 2009 respectively. The prices of newly built apartments showed more resilience than that seen among older homes. Data showed that new home prices retreated 4.2% in the first quarter of the year, versus a 5.6% drop for apartments more than five years old. The number of deals concluded in the property market in the first three months of the year also plummeted, falling 43.9% year-on-year to 12,718. The data is based on real estate transactions completed via the country’s banking system.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
