Property prices plummet

[Maik]

Property market professionals are expecting house prices in Greece to drop further by up to 25 percent in the next few years, reporting a sudden rise in supply of properties owing to the upcoming repossessions, while demand will continue to fall due to the recessionary measures of the new bailout agreement.

Since end-2008, house prices in the country’s two main cities, Athens and Thessaloniki, have fallen by an average of 45 percent, according to data from the Bank of Greece. The decline for the country as a whole comes to 41 percent.

Therefore if the above estimate proves right, by the time the bailout period is supposed to be completed (in May 2018), the loss in residential properties’ market value will amount to 65-70 percent, or even more in some cases.

http://www.ekathimerini.com/209239/article/ekathimerini/business/house-prices-seen-dropping-20-25-pct-by-2018