Greece records largest drop in house prices and rents in Europe during last 12 years
Greece recorded the largest decrease in house prices and rents within the EU between 2007 and the third quarter of 2019 according to the latest data from Eurostat, the European Union’s statistics agency, greekcitytimes.com reports.
The largest drops in house prices were observed in Greece (-40.0%), Romania (-27.2%) and Ireland (-16.7%) whilst for rentals, all Member Staes experiences increases except for Greece (-17.5%) and Cyprus (-0.3%). The largest increases were observed in Lithuania (+101.1%), Czechia (+78.6%) and Hungary (+67.8%).
Greece did not follow the EU trend which saw rents grow by 21.0% and house prices by 19.1%.
After an initial sharp drop following the financial crisis, house prices remained more or less stable between 2009 and 2014. Then there was a rapid rise in early 2015 since house prices increased at a much faster pace than rents.