Property prices dip 1.2% in Q2, pace of drop slows

Property prices in Greece dip in Q2

The drop in Greek property prices eased in the second quarter of the year from the first three month period, according to figures released by the Bank of Greece, the country's central bank.

The data showed that apartment prices fell by an average of 1.2% versus a drop of 1.7% in the January to March period.

Newly built homes performed better than older properties in the market.

New homes prices in the second quarter shed 1%, as opposed to a 1.3% drop for older apartments (more than five years old).

The Greek property market has been reeling from the country's eight year economic downturn with prices dropping by close to 45%. In 2016, prices fell by 2.4%, slowing from a drop of 5.1% in 2015