Housing prices to keep dropping but at a slower pace

Bank of Greece

Drops in the prices of residential homes are expected to continue in the last three months of the year but at a slower pace, according to a report from Alpha Bank.

The bank said that housing prices are expected to drop this year be less than 2.8% after retreating by 5.1% last year and 7.5% in 2014.

The latest data from the Bank of Greece, the country’s central bank, shows that housing prices in Athens were more resilient to price drops than elsewhere in the country in the third quarter of the year.

Housing prices fell 0.9% in Athens versus a 1.4% drop in Thessaloniki and a 1.2% retreat in other large cities, according to Bank of Greece data. (2)