| Greek house prices continued to fall at an accelerated | | | | prices than resale homes. The respective rates were |
| rate during the first two months of 2010. According to | | | | 3.1% and 5.6%. |
| Greek members of the UK's Royal Institute of | | | | The annual RICS survey for the European housing |
| Chartered Surveyors (RICS), the average drop in price | | | | market estimated that house prices in Greece fell by |
| has been approximately 10% year-on-year, with | | | | 5%, placing the country roughly average for Europe. |
| variations relating to factors such as location, availability | | | | However, it should be observed that the correction of |
| of housing stock and developers' readiness to | | | | house prices in most markets began in 2008, which |
| negotiate. | | | | was not the case in Greece, where property values |
| All indications suggest that the Greek property market | | | | had actually risen. |
| will be more downcast in 2010, than it was in 2009, | | | | Generally in Europe, different groups seem to be |
| when house prices fell by around 5%. The Greek | | | | forming. The first faction includes countries with |
| economic climate has clearly deteriorated, | | | | housing markets that are falling at an escalating pace, |
| unemployment is rising rapidly and banks continue with | | | | such as Germany, Ireland, France, Poland, the |
| stiff loan distribution policies. Such factors have almost | | | | Netherlands and the Baltic countries. In contrast, |
| frozen the demand for newly built homes, which are | | | | countries such as Spain, Greece and Denmark the fall |
| the least affordable properties, since developers go to | | | | in house prices continues, but at a slower rate than in |
| great lengths to keep prices stable. This continuing | | | | 2008. The second fraction where the housing market |
| attitude will increasingly lead to prospective buyers | | | | crash has been short live and the first signs of |
| looking for resale homes that are 10-15 years old and | | | | recovery are already visible regarding both price and |
| in good condition. | | | | sales, includes the UK, Norway, Sweden, while |
| Data from the Bank of Greece for 2009 illustrates that | | | | Switzerland and Austria experience no fall in house |
| newly built homes showed more resistance to falling | | | | prices at all. |