Bank of Greece data has revealed overtaxation of properties and lack of demand have resulted in almost 250,ooo properties being unsold in Greece, dragging house prices by 40%.
However, real estate market experts believe that buyers can even find properties with prices reduced by as much as 60%. Many homeowners, unable to afford the maintenance costs or the high taxes, are forced to sell their houses, sometimes for as little as 5,000 euros.
During the last quarter of 2013, the Greek real estate market experienced the second biggest price drop in the eurozone and the third biggest in the EU. According to Eurostat, property prices in Greece fell 8.5% on an annualized basis from October to December last year.
A recent study by BlackRock showed that the house prices are expected to fall by 6.2% on average in 2014 and a further 2% in 2015, with stabilization expected in 2016. The total decline in the Greek housing market from its 2008 peak the end of 2013 is estimated at 33.8%.
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