City properties bot­tom of list

Kathimerini English - - Focus - NIKOS ROUSSANOGLOU

Athen­sand Thes­sa­loniki rank pretty low among their global peers when it comes to the course of res­i­den­tial prop­erty prices, re­flect­ing both the con­tin­ued cri­sis in the lo­cal mar­ket and the con­sid­er­able re­cov­ery seen in­ter­na­tion­ally, as recorded in the year’s first quar­ter by real es­tate con­sul­tants Knight Frank.

Athens ranked 129th among 150 cities, with its res­i­den­tial prop­erty prices hav- ing shrunk 1.4 per­cent in the last year. Thes­sa­loniki fared worse, as its 2.7 per­cent drop landed it in 138th po­si­tion.

Prices in Cypriot cities ap­pear to have taken a sim­i­lar course, with Li­mas­sol in 124th place af­ter a 0.5 per­cent de­cline, Ni­cosia in 128th, down 1.1 per­cent, and Lar­naca in 130th, with its rates slid­ing 1.5 per­cent. How­ever, the dif­fer­ence is that the mar­ket in Cyprus is on a ris­ing course in terms of trans­ac­tion num­bers, as de­mand is re­cov­er­ing, so it’s only a mat­ter of time be­fore prices re­bound.

On the other hand, the gap be­tween sup­ply and de­mand in Greece is huge, as an es­ti­mated 150,000 houses or more are wait­ing for a buyer, while rates have fallen 42 per­cent since end-2008, ac­cord­ing to the Bank of Greece.

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