Home prices fall­ing at faster rate

Kathimerini English - - Business & Finance -

The pace at which hous­ing prices are fall­ing picked up in the first quar­ter of the year, drop­ping 5 per­cent on an an­nual ba­sis, with the prop­erty mar­ket in Thes­sa­loniki in a deep slump.

Ac­cord­ing to fig­ures pre­sented by the Bank of Greece yes­ter­day, apart­ment prices in Athens fell 5.9 per­cent be­tween Jan­uary and March af­ter slip­ping 3.2 per- cent in 2010 and 4.6 per­cent in 2009.

In Thes­sa­loniki, hous­ing prices gave up 7.5 per­cent, af­ter drop­ping 7.4 per­cent and 6 per­cent in 2010 and 2009 re­spec­tively.

The prices of newly built apart­ments showed more re­silience than that seen among older homes.

Data showed that new home prices re- treated 4.2 per­cent in the first quar­ter of the year, ver­sus a 5.6 per­cent drop for apart­ments more than five years old.

The num­ber of deals con­cluded in the prop­erty mar­ket in the first three months of the year also plum­meted, fall­ing 43.9 per­cent year-on-year to 12,718. The data are based on real es­tate trans­ac­tions com­pleted via the coun­try’s bank­ing sys­tem.

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