Greece has most affordable housing in Europe-survey

Greece has the most affordable housing in Europe, brokers RE/MAX said Thursday, adding that property prices in the crisis hit country are seen stabilising this year.

A survey of 18 countries prepared by RE/MAX shows that an apartment in a city area in Greece cost 922 euros per square meter in 2016 versus 1,150 euros in Romania and 1,325 euros in Lithuania. Topping the list of countries was Luxembourg and and Switzerland where housing prices per square stood at 7,975 euros and 7,541 euros respectively.

Greece's property prices have lost more than 40% in the country's eight year economic downturn as banks turned off the lending tap hit by billions of euros of bad loans.

RE/MAX said that an increase in demand from domestic and foreign buyers, attractive prices and some lending from banks help improve the outlook for the Greek property market.