Greece ranks 39th out of a total of 45 countries in the course of the first half of 2017, as the annual rate of change was -1.8%. Global Property Guide shows that the acceleration of the fall in the first 6 months of the year was the result of the great uncertainty that prevailed in the economy and contributed to maintaining the domestic market in “Low floors” of the world real estate market based on the rate of change of values.
As noted by the Bank of Greece in its recent interim report on monetary policy, “key market characteristics remain limited demand and surplus supply, which can be attributed mainly to the unfavorable economic environment and the tax burden on real estate” . The overall average fall in prices from the end of 2008 to the first half of 2017 is 42%, while the two largest urban centers are even more important. More specifically, in Athens it reaches 44.1% and 46.3% in Thessaloniki.
In fact, the downward price cycle is likely to continue over the next few months, although it is estimated that their course will be more stabilizing from now on. It is worth noting that in a recent analysis, National Bank reported that the short-term risks to the real estate market are related to the risk of increasing the supply of new homes as a result of the acceleration of the auction process.
This development is likely to boost downward price pressures, while high taxation is also an aggravating factor. On the other hand, the sale of more homes for sale and especially low valuations is likely, according to National Bank analysts, to mobilize new demand as it will be easier for prospective buyers (including foreigners) to search for new real estate.
As far as the Global Property Guide survey is concerned, the next place in Greece is the housing market in Ukraine, where prices dropped by 2.65%, while one place over our country is the Swiss market, Where values declined by 1.2%, eliminating the risk of bubble bubbling, as several analysts have feared over the past two years. The last position in the list is Qatar, where the annual price change in the first half of this year reached 10% and without even the recent tensions and diplomatic exclusion from the neighboring Arab states. The second worst performer this year’s first half recorded the purchase of Skopje with a fall of 7%, while large drop also record the Russian housing market with 4.15% and Singapore with 2.8%.
It’s no surprise that Greece is still one of the best overseas property destinations in the world. Greece is a naturally beautiful country, with largely unspoiled beaches; perfect Mediterranean climate, warm and friendly people and offers a relaxed lifestyle.