Eurostat: Property value in Greece plumets
Greece is in the bottom 3 countries with the highest rate of fall in housing prices over the first half of 2016, according to Eurostat. The data shows that Cyprus has suffered the highest drop in property value. The average prices of houses in the Eurozone have gone up by 2.9%, and 4% in the EU for the second quarter of 2016, compared to last year over the same period. The value of property in Greece over the same period dropped by 2.7%, while the annual decline in the prices of 5-year old houses was down by 3.3%. A 2.3% fall was recorded for older houses in the second quarter of 2016 in comparison to 2015. The aggregate nominal prices for houses 2008 had dropped by 41.4%, while the real market value is estimated to have gone down by 45.5%. Hungary and Latvia have recorded the highest price rise in houses with 10.3%, followed by Austria with 9%.
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