Property investments in Greece plummet 85% - Bank of Greece

real estate, Greece

Investment in residential property by households in Greece plummeted by 85% during the country’s crisis, according to figures from the Bank of Greece, the country’s central bank.

In a report examining the assets and liabilities of Greek households, the bank said that investments in property fell to 1.2 billion euros in the first quarter of last year, from 8.1 billion euros in 2008.

Greece’s real estate market has been hard hit by the country’s debt crisis which wiped off about a quarter of the size of the economy and brought property prices crashing down by an average of 40% as the country’s. Although the economy is expected to rebound this year, unemployment remains at record highs.