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Saturday, 9 May 2015

Greece: Reluctance to Buy Houses; Real Estate House Market Demand Almost Zero (High Taxation).

From Kathimerini -  Nikos Roussanoglou

"Demand in the local housing market has dropped to almost zero and many Greeks are avoiding property purchases due to the high taxation involved...This illustrates the difficulty that the market is having in absorbing the supply of unsold residential properties, estimated to range between 200,000 and 250,000 units around the country. This is said to include 50,000-60,000 holiday homes and 80,000-90,000 newly built properties. The rest are used houses whose owners in most cases cannot pay the taxes their ownership entails".

Bank of Greece Real Estate Market Analysis (dated? NB 2014 information is provisional)

Index of apartment prices by year and geographical area (2006-2014; 2014 data provisional)

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