Greece: Prices down 3.9% in Q1

Financial Mirror (Cyprus) - - FRONT PAGE -

Nom­i­nal apart­ment prices fell by an av­er­age 3.9% in the first quar­ter of 2015, com­pared with the same pe­riod last year, the Bank of Greece said last week.

The cen­tral bank, in a re­port, said that ac­cord­ing to re­vised data, the av­er­age an­nual rate of change was -7.5% in 2014 (Q1: -9.1%, Q2: -8.0%, Q3: -7.2% and Q4: - 5.4%), com­pared with an an­nual slide of -10.9% in 2013.

More specif­i­cally, the year-on-year rate of decline in prices was 4.5% for “new” apart­ments (up to five years old) and 3.5% for “old” apart­ments (over five years old) in the first quar­ter of 2015. Ac­cord­ing to re­vised data, the prices of “new” and “old” apart­ments de­clined on av­er­age by 6.6% and 8.0%, re­spec­tively, in 2014.

Ac­cord­ing to data bro­ken down by ge­o­graph­i­cal area, apart­ment prices are es­ti­mated to have de­clined year-onyear in the first quar­ter of 2015 by -3.8% in Athens, -5.9% in Thes­sa­loniki, -4.1% in other cities and -3.0% in other ar­eas of Greece. Ac­cord­ing to re­vised data, 2014 prices dropped on av­er­age year-on-year by -9.2%, -6.7%, -6.7% and -5.1%, re­spec­tively, in the men­tioned ar­eas.

For 2014 as a whole, based on re­vised data, they de­clined at an av­er­age an­nual rate of 8.0%, com­pared with -10.9% in 2013.

Res­i­den­tial prop­erty ap­praisals con­ducted with Mon­e­tary Fi­nan­cial In­sti­tu­tion in­ter­me­di­a­tion for any pur­pose to­taled 3,270 in the first quar­ter of 2015, down from 4,270 in the pre­vi­ous quar­ter. Year-on-year, res­i­den­tial prop­erty ap­praisals fell by 23.9% in the first quar­ter of 2015. Ac­cord­ing to re­vised data, the num­ber of ap­praisals in 2014 reached 17,044 drop­ping sub­stan­tially by 30.3% from 24,446 in 2013.

Source: http://in­tel­li­gent-news.com

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