By 2018, housing in Greece will become cheaper by another 20-25% – forecast

Real estate professionals believe that a sharp increase in the stock of properties and a decrease in demand due to the ongoing crisis will lead to a further decline in prices for houses and apartments.

According to the Central Bank of Greece, since 2008, housing prices in the country's two main cities, Athens and Thessaloniki, have fallen by 45%. Across the country, the decline has reached 41%. Thus, if we are to believe the experts' forecasts, by 2018 the total decline in residential property prices will be 65-70%.

Giorgos Litsas, head of the Chartered Surveyors Association GLP Values, says: “A little less than a year ago, when the agreement between the Greek authorities and the creditors became known, we predicted a further decline in housing prices by 18%. Now, with the introduction of new measures in the economy following the conclusion of this agreement, we have revised these figures upwards. And now we expect that the prices of houses and apartments will fall by another 20-25%, especially given the oversupply of housing on the market and the lack of demand.” Lefteris Potamianos, vice-president of the Association of Real Estate Agents in Athens and Attica, agrees with the expert: “Unless there is a radical improvement, housing prices will fall by another 20-25% from the current level in the next two years.”