Property asking prices seem to be losing steam, as rental rates drop

The first signs that the Greek property boom may have peaked have started to emerge, mainly in areas where rates have soared over the last 18 months.

For now property ad website Spitogatos is reporting a slowdown in price growth, but property market professionals say it is likely the pace of price expansion will gradually stabilize, depending on conditions.

Data from the Spitogatos platform showed that prices across Greece grew by 6.5 percent on an annual basis in the last quarter of 2019, down from 7.4 percent in the previous quarter. In the center of Athens prices augmented at a yearly rate of 10.7 percent, with the average asking rate at 1,550 euros per square meter. However, the annual comparison in the third quarter of the year had shown an increase of 25.3 percent.

This significant slowdown in the pace of growth confirms estimates by sector experts that...