House prices in Greece will decline by 10% by 2013, according to National Bank of Greece’s monthly report on the economy, published on Thursday.
The report estimates that the total correction of prices from their peak in 2008 will amount to 20-23%. The decline stands at about 12% today.
NBG notes that prices have not declined dramatically as it suggests there was no bubble in house prices in the last few years, at least not to the extent of that seen in other Eurozone member states.
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