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Bank of Greece: Only 5% drop in real estate
The crisis has not reduced the price of housing in Greece, since according to the Bank of Greece fell by only 5% the last year. Reduction is quite small compared to the changes that have occurred in other European countries, such as in Ireland, Spain and Britain. This was pointed by the head of the real estate market analysis of the Bank of Greece, Stelios Panagiotou, during the presentation on 29th September of the six-month investigation into the property market during the fourth Red Business Forum organized by the magazine "Real Estate".
The crisis has not reduced the price of housing in Greece, since according to the Bank of Greece fell by only 5% the last year. Reduction is quite small compared to the changes that have occurred in other European countries, such as in Ireland, Spain and Britain. This was pointed by the head of the real estate market analysis of the Bank of Greece, Stelios Panagiotou, during the presentation on 29th September of the six-month investigation into the property market during the fourth Red Business Forum organized by the magazine "Real Estate".
Specifically, he noted that while in these countries the prices, because of the crisis, have made very sharp peaks, in Greece held in height, showing resilience.
The reasons are known and associated with the peculiarities of the domestic market (contribution and low debt, contrary to what the outside), and the high profits gained by manufacturers in the previous years and which continue to operate as financial cushion in times like this. The investigation of the central bank was presented the evidence of that is:
House prices in Athens fell to an annual average of 2.9% in the first 6 months of the year. Especially in the first quarter of the decline varied only 1.4% and at the second came at 4.4%.
Changes in rent did not follow real estate prices, probably because they reduce of the purchasing interest has turned many in rent.
Swim record data for trading, as the record 215,150 sales in 2005 declined to 172,900 in 2006, then fell to 167,700 in 2007, to 131,300 in 2008, a trend that continues this year.
Since 13% of AEP which accounted for investments in construction during the period 2000-2007, in 2008 fell below 11% and even lower in 2009. With the estimates from now on course prices, research includes forecasts for real estate agents for the following quarter, according to which 49% believe that it will move worse and 47% at the same level as the previous quarter .
Finally, in regards to the prices the 98% of real estate agents estimates that will remain unchanged, while only 2% expect a further fall.
Source: Sofokleous
