After 40% dip, property prices seen bottoming out in 2018

Greece property prices seen bottoming out in 2018

Greece's real estate prices are seen flattening out in the next few quarters after tumbling by more than 40% since 2008, according to the Bank of Greece. the country's central bank.

In an interim monetary report released last week, the bank said that large scale property sales to private investment funds and the commencement of electronic auctions regarding bad loans is seen as putting further downward pressure on prices but that this will be short term, mostly affecting poorer quality assets.

SEE ALSO: Home prices retreat 0.6% in third quarter - central bank

Among the changes the bank calls for to help boost the market are improvements to property taxes, reductions to red tape and more transparency in the market that will help investors make decisions.

Greece's real estate market is struggling to recover from the the country's debt crisis that nearly resulted in a Grexit, the country being forced out of the euro onto it own currency. Demand for the broader property market remains weak amidst a credit squeeze and low investment levels in the economy.