41% Drop in Real Estate Prices
Over the last years, millions of Greeks witnessed a significant drop in the value of their real estate property.
According to Greek news, real estate properties in Greece have already lost more than one third of their original value, while it was estimated that until the prices stop decreasing, the properties will most likely have suffered more than 40% devaluation.
Data released by Eurobank Property Services show that the prices in the real estate market will keep dropping this year but will probably stabilize and show a small increase by 2016.
Until now, prices have dropped by 35% on average since the beginning of the Greek crisis, while they are expected to continue their downward trend during 2014 and 2015, with price reductions reaching up to 41%.
Furthermore, it was revealed that compared to 2007, sales have decreased by 84% and are expected to drop even further.
The fact that there are currently at least 250,000 unsold properties, shows the extent of damage the economic crisis caused to the Greek real estate market.