Greek property market by far the worst performer in the EU

Greece is once again a property market laggard, as Eurostat data for the first quarter of the year published on Wednesday suggested that local rates showed the biggest decline in the European Union, coming to 1.8 percent on an annual basis.

This is over four times as high as the second-worst performer, Croatia, where property rates dropped 0.4 percent in January-March.

The total average drop in property rates from end-2008 to March 2017 was almost at 42 percent in Greece.

In the country’s two biggest cities the decline was even greater: In Athens it amounted to 44.1 percent and in Thessaloniki to 46.3 percent, according to Bank of Greece figures.