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Home Prices Drop 38% since Crisis Beginning

Housing prices have fallen by 31.1% since the beginning of the crisis according to the Bank of Greece.

Theodoros Mitrakos, head of the central bank's real estate department, made the statement during his address at the 8th Business Forum organized by RE+D magazine.

Mr. Mitrakos noted that Athens and Thessaloniki were recording the biggest losses so far. On the other hand, the smallest losses were recorded in the periphery of Macedonia.

In Athens, house prices are down 32%, in Thessaloniki prices are down 38.8%, in Patra -22.4%, in Larisa -28.2% and in Iraklio -21.9%.

In real terms, including inflation, house prices are down 37.9% since the beginning of the crisis.