Apartment Prices Have Declined in Greece

Greek Flag and Map(Greece) – According to data released by the Bank of Greece, apartment prices have declined as of the second quarter of 2016. Overall, apartment prices have been declining steadily for the past seven years or so, or when the economic crisis first happened in Greece. 

According to a press release published by the Bank of Greece:

According to data collected from credit institutions,(1) nominal apartment prices are estimated to have declined on average by 2.7% year-on-year in the second quarter of 2016. According to revised data, the respective decline in the first quarter of 2016 was 4.7%, while the average annual rate of decline in 2015 was 5.0%.

According to data collected from credit institutions,(1) nominal apartment prices are estimated to have declined on average by 2.7% year-on-year in the second quarter of 2016. According to revised data, the respective decline in the first quarter of 2016 was 4.7%, while the average annual rate of decline in 2015 was 5.0%.

More specifically, in the second quarter of 2016 the year-on-year rate of decline in prices was 3.3% for “new” apartments (up to 5 years old) and 2.3% for “old” apartments (over 5 years old). According to revised data, the respective decline in the first quarter of 2016 was 5.3% for “new” apartments against 4.4% for “old” apartments, while the average annual rate of change in 2015 was
-5.5% and -4.6% respectively.

According to data broken down by geographical area, in the second quarter of 2016 apartment prices are estimated to have declined year-on-year by 2.4% in Athens, 4.0% in Thessaloniki, 3.5% in other cities and 2.0% in other areas of Greece. According to revised data, the respective decline in the first quarter of 2016 was 4.1% in Athens, 5.9% in Thessaloniki, 5.2% in other cities and 5.0% in other areas of Greece, while for the whole of 2015 prices dropped on average by 5.1%, 5.2%, 5.2% and 4.4% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the second quarter of 2016 apartment prices declined year-on-year by 2.9%. Based on revised data, in the first quarter of 2016 apartment prices in all urban areas declined year-on-year by 4.9%, while for 2015 as a whole they declined at an average annual rate of 5.0% (the apartment price index for urban areas, according to Law 4254/2014, is used to compute the capital gains tax on property transfers).

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