Nominal apartment prices are estimated to have declined on average by 1.5 pct year-on-year in the third quarter of 2016, the Bank of Greece said on Monday.
The central bank, in a report, said that according to revised data, the decline in the first and second quarters of 2016 was 4.3 pct and 2.6 pct respectively, while the average annual rate of decline in 2015 was 5.1 pct.
More specifically, in the third quarter of 2016, the year-on-year rate of decline in prices was 2.2 pct for “new” apartments (up to 5 years old) and 1.0 pct for “old” apartments (over 5 years old). According to revised data, in 2015 as a whole the average annual rate of decline in the prices of “new” and “old” apartments was 5.6 pct and 4.7 pct respectively.
According to data broken down by geographical area, in the third quarter of 2016 apartment prices are estimated to have declined year-on-year by 0.9 pct in Athens, 1.4 pct in Thessaloniki, 1.2 pct in other cities and 3.0 pct in other areas of Greece.
PS I don’t know how much is 0.9 pct and 1.2 pct of what value but in real life, apartment prices are down between 40% and 60% in the last years. Fact is that the property tax (ENFIA) is calculated according to so-called ‘objective values’ which are much higher than the ‘commercial values’. The rest is pure statistics for desk office accountants
