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Greece's real estate price plunges by 41.3 percent since 2008: central bank
2017/2/27 14:54:59 Source:Xinhua

ATHENS, Feb. 26 (Xinhua) -- The average real estate price for residential and commercial properties in Greece has plunged by 41.3 percent since 2008 and will continue to drop in the next few quarters, according to the central bank of Greece.

Prolonged recession, high unemployment rates, tax hikes and uncertainty over the taxation system and economic prospects, as well as the capital controls imposed in the summer of 2015 have dramatically reduced demand since the start of the Greek debt crisis, Kerdos (Profit) financial daily said Sunday, citing a recent Bank of Greece report.

According to the report, the average real estate price dropped 2.2 percent in 2016, 5.1 percent in 2015 and about 7.5 percent in 2014.

The report cited a swift and successful conclusion of the pending bailout review and a stable taxation system as key preconditions to help stabilize the real estate market and attract investments.

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