Apartment prices continued falling in 2016, the Bank of Greece announced on Thursday.
The central bank, in a report, noted that according to data collected from credit institutions, nominal apartment prices are estimated to have declined on average by 5.0 pct year-on-year in the first quarter of 2016. According to revised data, the average annual rate of change was -5.0 pct in 2015 (Q1: -4.1 pct, Q2: -4.9 pct, Q3: -5.8 pct and Q4: -5.3 pct), compared with -7.5 pct in 2014.
More specifically, during the first quarter of 2016 prices of “new” appartments, up to 5 years old, dropped by 5.6 pct year-on-year and prices of “old” apartments, over 5 years old, fell by 4.6 pct year-on-year. According to revised data, prices of “new” apartments declined by 5.5 pct on average in 2015, against a decline of 6.5 pct in 2014, whereas “old” apartment prices declined by 4.7 pct in 2015, against a drop of 8.1 pct in 2014.
According to data divided by geographical area, in the first quarter of 2016 apartment prices are estimated to have declined year-on-year by 4.1 pct in Athens, 6.4 pct in Thessaloniki, 6.1 pct in other cities and 5.2 pct in other areas of Greece. For the whole of 2015, based on revised data, apartment prices dropped on average by 5.1 pct, 5.3 pct, 5.3 pct and 4.4 pct respectively. Finally, as regards all urban areas of the country, in the first quarter of 2016 apartment prices declined by 5.3 pct year-on-year, whereas for the whole of 2015 the average annual decline was 5.0 pct, against 8.0 pct in 2014.
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