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BoG: Greeks’ Investments in Homes Has Fallen 85% Since Onset of Economic Crisis

According to a Bank of Greece study, household investments in homes in Greece has decreased since 2008, up to as much as 85 percent in the fall of 2016.

The first quarter of 2016 shows an estimated 1.2 billion euros over a 12-month period was invested into homes compared to 8.11 billion euros in 2008, the study reports.

Another factor the study points out is that from 2000 to 2009 property prices increased by 82 percent. However, following the onset of the economic crisis in 2008, property prices have steadily decreased by up to 40 percent in 2016.

Source: greece.greekreporter.com