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Home Prices Drop 2.7% in Second Quarter in Greece

A new decrease in prices of houses and apartments was recorded in the second quarter of 2016, a Bank of Greece report says.

According to Bank of Greece data, in the second quarter of 2016, the prices of apartments (in nominal terms) were on average lower by 2.7% compared to the same quarter in 2015.

Based on revised data, in the first quarter of 2016, the corresponding reduction amounted to 4.7%, while for the whole of 2015 the prices of apartments fell at an average annual rate of 5%.

More specifically, the decrease in prices in the second quarter of 2016 compared to the same quarter in 2015 was 3.3% for new apartments (up to 5 years) and 2.3% for old apartments (over 5 years).

Based on the revised data for the first quarter of 2016, the corresponding decline in new apartment prices stood at 5.3% compared to 4.4% of older apartments, while for the whole of 2015 the prices of apartments fell at an average annual rate of 5.5% and 4.6% respectively.

Analysis of assets by geographical area shows that the decline in apartment prices in the second quarter of 2016 compared to the same quarter in 2015 was 2.4% in Athens, 4% in Thessaloniki, 3.5% in other major cities and 2.0% in other parts of the country.

Based on the revised data for the first quarter of 2016 the corresponding decline in apartment prices was 4.1% in Athens, 5.9% in Thessaloniki, 5.2% in other major cities and 5.0% in other areas of the country and for the whole of 2015 the fall in prices in the same areas in relation to 2014 was 5.1%, 5.2%, 5.2% and 4.4% respectively.

Finally, for all the urban areas of the country, in the second quarter of 2016 the prices of apartments was reduced by 2.9% compared to the second quarter in 2015. Based on the revised data for the first quarter of 2016, the corresponding drop in prices of apartments in urban areas was 4.9%, while for the whole of 2015 the corresponding decrease was 5%.

Source: greece.greekreporter.com