Over the next two years, Greek house prices are set to fall by a further 17% according to ratings agency, Fitch.
Since 2009. prices have already fallen by 20%, and the total decline is set to be 37%, if Fitch is correct. however, the agency reached its conclusion on the assumption that the recission, and austerity measures will weaken in 2014. If they don’t, the reduction in house prices will fall even further.
If Greece leaves the Eurozone, the agency says prices will be in freefall and it is impossible to predict exactly how far they will plummet.
Fitch predicts that Greece will see another fall in its GDP this year, down 5% before signs lessening recession in 2013.
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