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Greek House Prices Fell 4.3% in Third Quarter, Central Bank Says
By Paul Tugwell - Nov 23, 2010 5:04 PM GMT+0100 Tue Nov 23 16:04:15 GMT 2010
Prices fell 3.1 percent in the capital Athens, and 9.7 percent in Thessaloniki, Greece’s second-biggest city, according to a report published today by the Bank of Greece on its website. Prices dropped 5.9 percent in other major Greek cities and 2.7 percent in the rest of Greece in the third quarter.
The total surface area of homes bought fell 1.4 percent and the total value of purchases financed via loans declined 8.6 percent as crisis-hit Greeks were forced to buy smaller and cheaper residences, according to the report.
The number of properties sold in the third quarter fell to 16,000 from 18,500 in the second quarter. Austerity measures, including tax increases and wage and pension cuts, agreed to by the Greek government in May in return for 110 billion euros ($148 billion) of emergency loans, have deepened Greece’s recession.
(Bloomberg)
By Paul Tugwell - Nov 23, 2010 5:04 PM GMT+0100 Tue Nov 23 16:04:15 GMT 2010
Prices fell 3.1 percent in the capital Athens, and 9.7 percent in Thessaloniki, Greece’s second-biggest city, according to a report published today by the Bank of Greece on its website. Prices dropped 5.9 percent in other major Greek cities and 2.7 percent in the rest of Greece in the third quarter.
The total surface area of homes bought fell 1.4 percent and the total value of purchases financed via loans declined 8.6 percent as crisis-hit Greeks were forced to buy smaller and cheaper residences, according to the report.
The number of properties sold in the third quarter fell to 16,000 from 18,500 in the second quarter. Austerity measures, including tax increases and wage and pension cuts, agreed to by the Greek government in May in return for 110 billion euros ($148 billion) of emergency loans, have deepened Greece’s recession.
(Bloomberg)