Real estate property value plummets by 34% in Greece

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The median value of houses in Greece has shown a significant fall of 34% between 2009 and 2014, from €106,340 to €69,834.

According to official data by the Bank of Greece (BoG), house prices in the Eurozone have risen by 4% and 4.5% in the EU compared to last year, while value of apartments in Greece have fallen by 1.8% in nominal terms.

Based on provisional figures from the first two stages of the survey Household Finance and Consumption Survey – HFCS the median value of Greek houses recorded a substantial drop.

The first stage of the HFCS study was conducted on a sample of 2,971 households in 2009 and the second one sampled 3,003 households in 2014.

In contrast, numbers sourced from Eurostat showed that during the first quarter of 2017 proper market prices had a huge rise.

The sharpest increase in house prices on an annual basis by the end of March this year was recorded by the Czech Republic (+ 12.8%), Lithuania (+ 10.2%) and Latvia, while in the countries having a drop, besides Greece, only Croatia recorded a decrease of 0.4% and Italy with a marginal 0.1%.

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