Property price drops bottom out, Athens resilient - data

property, Greece

Drops in residential property prices in Greece slowed in the last quarter of the year, with Athens proving to be the most resilient area, according to data released by the Bank of Greece, the country’s central bank, Thursday.

Figures show that prices fell 0.6% in the October to December period, slowing from a 5.1 % drop in the last quarter of 2015. On a geographical basis, the price drop in Athens was the lowest at 0.4% versus retreating prices of 1.1% in areas outside of the country’s large cities, as defined by the Bank of Greece.

Real estate prices have tumbled by more than 40% since the country’s debt crisis erupted but could be now bottoming out as the economy is forecast to return to solid growth rates this year.