Residential property prices in Greece fell at a slower pace in the second quarter of the year compared with the previous three-month period, suggesting that Greek property prices could be stabilising following recent improvements in the economy.
Given that Greece has a home ownership rate of around 80% - one of the highest in Europe - it is unsurprising to find that property accounts for a significant share of household wealth in the country.
Greece’s housing market has been adversely affected by high property taxes imposed to plug budget deficits, stringent mortgage lending conditions, and high unemployment rates.
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