Property prices in Greece dive by close to 50%

Property prices in Greece dive by close to 50% 1

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The financial crisis in Greece has had, more than anything, a human cost that has seen suicide rates rise dramatically, families dispossessed, evictions increase, unemployment reach unprecedented numbers and unsurprisingly property prices plummeting.

According to the latest figures from the Bank of Greece, the decrease in property prices since 2009, have dropped by 45.2 percent in Thessaloniki, 43.5 percent in Athens and 41.3 percent nationally.

Eurostat figures released this week, show house prices in Greece fell 5 percent on an annual basis in the first quarter of the year, while the only other European Union members to endure a price decline in the January-March period were Italy and Cyprus, both on 1.2 percent.

Undoubtedly this has given an interest in the Greek property market where opportunities abound, albeit from the misery of the financial crisis.

GCT Team

This article was researched and written by a GCT team member.