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  • Greek real estate prices reaching rock bottom

    Data collected by the Central Bank of Greece indicate that the rate of contraction of real estate prices has again dropped in the third quarter of 2017, but the downward trend continues.

    ΤοΒΗΜΑ Team

    Data collected from private banking institutions by the Central Bank of Greece indicate that the rate of contraction of real estate prices has again dropped in the third quarter of 2017, but the downward trend continues, albeit at much lower rates, despite the slowdown.

    For the third quarter of this year, there was an average 0.6 percentage point drop in the prices of apartments in nominal terms, as compared to the same period in 2016.

    Based on revised data for the first and second quarters of 2017, the price drop was 1.7 percentage points and 1.2 percentage points, respectively.

    The total price drop for all of 2016 was 2.4 percentage points.

    More specifically, the real estate price drop for the third quarter of this year compared to the same quarter in 2016 was 0.5 percentage points for “new apartments” which are up to five years old, and 0.7 percentage points for properties older than that.

    Based on the revised 2016 data, the average annual rate of price reduction for “old” properties was 1.9 percentage points, and 3.0 percentage points for new constructions.

    On a regional basis, the drop in prices of apartments for the third quarter of 2017 as compared to the same quarter in 2016 was 0.4 percentage points in Athens, 0.7 percentage points in Thessaloniki, 1.0 percentage points in other large cities nationwide, and 0.5 percentage points in other areas of the country.

    The revised data for 2016 show that the drop in prices for the same locations as compared to 2015 was 1.8 percentage points for Athens, 3.5 percentage points for Thessaloniki, 2.3 percentage points in other large cities, and 3.0 percentage points in all other areas of the country.

    Finally, data on the combined total price decreases in all urban centres nationwide for the third quarter of 2017 show a 0.7 percentage point drop, as compared to the third quarter of 2016.

    Based on the revised data, for 2016 the average annual price drop was 2.4 percentage points.

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