Property values in Greece continue to drop as the Greek economy struggles to recover. Greek real estate has lost 7.3% of its value compared to last year, according to a survey released by the Bank of Greece.
Based on revised data received from credit institutions, the price fall amounted to 8.5% during the first quarter of 2014, while in 2013 apartment prices fell at an annual average rate of 10.8%.
The drop in prices for the second quarter of 2014, compared to the same quarter of 2013, was 6.1% for new apartments (5 years or less) and 8% for apartments older than 5 years, while for the first quarter of 2014 the drop in prices of new apartments stood at 7.8% and 8.9% for old apartments.
Data analysis by geographic area shows that the fall in apartment prices during the second quarter of 2014 compared to the same quarter of 2013 was 9.6% in Athens, 5.4% in Thessaloniki, 6.5% in other major cities and 4.4% in other parts of the country. Finally, apartment prices for all urban areas of Greece were reduced by 7.8% in the second quarter of 2014, compared to the second quarter of 2013.
The number of estimates that had been announced by the Bank of Greece until the end of July 2014 reached a total of approximately 637,700 properties (66.7% apartments, 19.3% townhouses, 6.0% maisonettes, 5.9% land, 2.1% other).