Residential prices in Greece continued to fall in 2017, but at a rate lower than in the previous year, comparatively, according to Bank of Greece (BoG) figures released this week.
Based on data collected by Greece's central bank, residential prices eased by 1 percent over 2017, compared to 2.4 percent in 2016.
Although Greek statistics regarding real estate values have for decades been skewed, due to the fact that transactions between private individuals and builders were often, entirely or partially, conducted "under the table", in order to avoid corresponding taxes and fees, the harsh economic crisis since 2009-10 has categorically popped the once formidable property "bubble" in the country.
According to a post on its website, the BoG stated:
"... nominal apartment prices are estimated to have declined marginally on average by 0.3% year-on-year in the fourth quarter of 2017, whilst in 2017 the average annual decline in apartment prices was 1.0%, compared with an average decrease of 2.4% in 2016.
Indices of apartment prices by age and geographical area
More specifically, in the fourth quarter of 2017, prices of “new” apartments (up to 5 years old) as well as of “old” apartments (over 5 years old) dropped marginally by 0.3% year-on-year. For the whole of 2017, prices of “new” apartments declined by 0.8%, against a decline of 3.0% in 2016, whereas “old” apartment prices declined by 1.1% in 2017, against a decrease of 2.0% in 2016.
According to data broken down by geographical area, in the fourth quarter of 2017 apartment prices are estimated to have marginally declined year-on-year by 0.1% in Athens, 0.6% in Thessaloniki and by 0.4% in other cities and in other areas of Greece. For the whole of 2017, apartment prices declined on average by 0.9%, 1.4%, 1.3% and 0.8%, respectively, in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2017 apartment prices marginally declined by 0.3% year-on-year, whereas for 2017 the average annual decline was 1.0%."
