Greek house prices down 11.7 percent in the third quarter

Thursday, December 20, 2012

Greek house prices down 11.7 percent in the third quarter

Greek house prices have fallen by 11.7% in the third quarter of 2012 compared to the same three months in 2011, according to data released by Bank of Greece.

The price drops follow a year of falling property prices, with year-on-year drops reaching 9.3% in the first quarter and 10.2% in the second. New build homes have fallen the furthest in price, reporting drops of 13.5%.

Property sales are also down according to the report, with transactions decreasing from 6,400 in the second quarter of 2012 to just 4,900 in the third quarter; 48.7% lower than the same period last year.

The report comes at the same time as one issued by Alpha Bank, which has revealed that only 20,000 new homes will have been built in Greece by the end of 2012; only 12,622 were built in the seven months to July. Compared to 2007, when 103,865 housing units were built, construction is now just one-fifth of pre-recession levels.

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A Place In The Sun