US-based real estate multinational Re/Max this week announced that property prices in Greece – as a whole – fell for a six consecutive year in 2015
US-based real estate multinational Re/Max this week announced that property prices in Greece – as a whole – fell for a six consecutive year in 2015.
Based on results of a national study commissioned by the property sales franchise giant, prices for previously inhabited residences fell by 4.5 percent, while newly constructed units remained the same.
In the greater Athens area (Attica prefecture), prices for previously owned residences dropped by 3 percent; 4.5 percent for Thessaloniki.
Re/Max explained the continuing fall of real estate prices to dried up financing by domestic credit institutions, a decrease in Greek consumers’ buying power and an oversupply of real estate on the market. A four factor is uncertainty in Greece’s economic and political situation, the multinational said.
Throughout 2015, eight out of 10 real estate transactions involved residences (apartments, single-family units, and condominiums) while land sales or commercial real estate accounted for much smaller percentages, 8 and 10 percent, respectively.
The figures are mostly based on the number of real estate contracts -- which list prices -- submitted to the tax bureau for the obligatory calculation of taxes and fees slapped on property sales.