House prices continue to fall in Greece
In the first quarter of 2016, the cost of apartments across the country fell by an average of 5% year-on-year. This is comparable to the level of price reduction for such properties in 2015.
In the report for the first quarter of 2016, published by the Central Bank of Greece, analysts recall that the average decrease in the cost of apartments in 2015 was 5%, compared to 7.5% in 2014.
In the first quarter of 2016, new apartments (up to five years old) fell in price by 5.6%, and old apartments (more than five years old) by 4.6% year-on-year. In 2015, the decline in prices for new apartments was 5.5%, and for old apartments – 4.7%.
In terms of geographic location, apartments have fallen in price by 4.1% in Athens, 6.4% in Thessaloniki, 6.1% in other cities and 5.2% in the rest of Greece. For the whole of 2015, the decline was 5.1%, 5.3%, 5.3% and 4.4% respectively.
Comparatively low prices in Greece – since 2009, square meters have become twice as affordable – are increasing the interest of foreign buyers in local housing.
Related articles
Book a consultation with a real estate expert abroad
our profession reminds me of the job of a "personal assistant", a kind of coordinator or guide in a new country, who helps a person avoid hundreds of headaches. In our case, related to buying real estate.
That is why people buy apartments with us, rent them out, get loans from banks or apply for a residence permit, even furnish apartments and send their children to school.
And most importantly, our clients recommend us to their friends, and trust is worth a lot. Come and visit us!