Greek housing sector’s growth picks up in third quarter

The Business Times | Dec 14, 2019 at 12:00 AM
  • GREECE’S housing market recovery picked up in the third quarter with prices increasing for the seventh consecutive quarter on a growing economy and foreign interest, central bank data showed on Thursday.
  • Property accounts for a big chunk of household wealth in Greece, where the home ownership rate is 80 per cent, above the EU average of 70 per cent.
  • Greek house prices fell 42 per cent between 2008, when the country’s protracted recession began, and the end of 2017, as property taxes imposed to plug budget deficits, tight bank lending and a jobless rate still around 17 per cent, the highest in the 19-nation eurozone, hurt the sector.