House price rise slowed in Q3

Residential property prices continued to edge higher over the third quarter of the year, as according to figures released by the Bank of Greece on Monday there was a 3.2% annual increase. However, the growth rate slowed for a third consecutive quarter.

House prices grew by 7.2% year-on-year in 2019, while the annual increase in the first quarter came to 6.5% and in the second it stood at 4.1%.

It should also be noted that there is a time lag of about six months before the actual market data is incorporated in the BoG statistics. Sector professionals stress that some time is required for the property market to adjust to developments in the economy.

Based on July-September data, the biggest annual increase on average was to be found in Attica, at 5.6%, while in Thessaloniki the rise amounted to 4.3%. In Greece's other major cities there was actually a drop of 0.3...