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Property Value Drops in 3rd Quarter of 2013

property valueThe real estate prices fell gradually in the third quarter of 2013. According to the report made by the Bank of Greece, the prices of apartments this period fell by 11.6 % bringing losses of 10.9% from the beginning of the year.
This situation reflects the problem of homeowners, borrowers and banks, as during this time the properties have lost about one-third of their value.
More specifically, the revised data in 2012, say that prices fell by 11.7% and in 2011 by 5.5%. Therefore, the depreciation accumulated up to the end of September 2013 reaches 28.1%.
In particular, the price reduction in the third quarter of 2013 compared to the same quarter of 2012 was 10.4% for new apartments (up to 5 years), and 8.4% for old apartments (over 5 years). In 2012, the total average annual rate of decline for new and old apartments was 12.1% and 11.4%.
Based on data analysis of the geographical region of apartments, the prices in the third quarter of 2013 were lower, compared with the third quarter of 2012 by 11.0% in Athens, 9.5% in Thessaloniki, 8.4% in other major cities, and 6.0% in other regions. The decline of prices in the same areas compared to 2011 was 11.8 %, 13.6 %, 10.8 % and 11.6 % respectively.
Finally, the residential property in the third quarter of 2013 decreased by 32.5% over the same quarter of 2012.

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