A survey on house price trends around central Athens and the capital's northern suburbs, released by Eurobank Properties Services on Monday, indicates that prices have declined by anything up to 10 percent in most areas relative to 2009.
The decline is even greater in the more expensive areas, where house prices have tended to converge with those of areas having similar qualities, so that prices in upmarket Kolonaki have plummeted 15 percent and those in Nea and Kato Kifissia by 13 percent.
New developments are few and work on existing new buildings has slowed, with most buyers preferring older and smaller residences with lower purchase value compared with previous years.
There is a limited number of new houses in central Athens and purchases are going through only when the asking price drops considerably. Demand for older apartments has also declined because there is less interest from economic migrants relative to previous years. In most parts of central Athens prices have dropped between 2 percent and 9 percent.
There is still a large supply of unsold large houses in the northern suburbs, with prices falling most in Kifissia, Nea Erythraia, Geraka, Patima in Halandri, Nea Filothei in Marousi, Psyhiko and Filothei. Prices for newly built houses have declined between 4 percent and 10 percent in relation to 2009.