Land prices in At­tica are still slid­ing

Kathimerini English - - Front Page - NIKOS ROUSSANOGLOU

Prices for plots of land in Athens posted an av­er­age drop of 4.4 per­cent in the third quar­ter of the year on an an­nual ba­sis, even though this part of the mar­ket had un­til re­cently been un­af­fected by the eco­nomic cri­sis due to the short­age in avail­abil­ity.

The survey by the Prop­erty Prices Ob­ser­va­tory of char­tered sur­vey­ors Geoaxis showed that the av­er­age price of plots con­tin­ued to de­cline as a re­sult of the neg­a­tive eco­nomic cli­mate and the drop in con­struc­tion ac­tiv­ity.

There are how­ever ma­jor vari­a­tions be­tween dis­tricts in the Greek cap­i­tal, with the area of Palaio Faliro/Am­fithea in south­ern Athens show­ing a de­cline of 8.1 per­cent year-on-year, while at Ho­lar­gos in north­ern Athens the de­cline amounted to just 1.7 per­cent.

Geoaxis es­ti­mated that the price drop is set to con­tinue in the last quar­ter of the year, but ex­pressed con­fi­dence that “we are very close to the end of the cy­cle of de­cline,” sug­gest­ing prices will stop drop­ping next year.

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