Thessaloniki’s residential prices down 45 pct since 2009

The greatest drop in residential property prices in Greece in the period since 2009 was observed in Thessaloniki, according to Bank of Greece figures, which showed that the decrease came to 45.2 percent, against 43.5 percent in Athens and 41.3 percent nationwide.

House prices in Greece fell 5 percent on an annual basis in the first quarter of the year, Eurostat data showed on Tuesday, while the only other European Union members to endure a price decline in the January-March period were Italy and Cyprus, both on 1.2 percent.

BoG expects the downward trend to continue in the next few quarters, albeit at a slower pace.