Property prices slipped 0.3 percent on annual basis in Q4

Greece and Italy are the only European Union countries to have seen property prices shrink in the last quarter of 2017, according to Eurostat figures.

Both countries saw house rates slip 0.3 percent on a yearly basis, indicating that they are close to joining the rest of the bloc in returning to normality.

According to the price index compiled by the Global Property Guide, in the last quarter of 2017 Greek property prices climbed 0.2 percent on a quarterly basis, while the Knight Frank property service company measured the quarterly rise at 0.5 percent.

This is the first time in a decade that there has been a reversal to the declining trend in rates.