The Bank of Greece announced that nominal apartment prices declined on average by 5.6% year-on-year in the second quarter of 2015. The central bank stated that the respective decline in the first quarter fo 2015 was 4.1% while the average annual rate of decline in 2014 was 7.5%.

The annual drop in prices was 7.1% for “new” apartments of up to 5 years of age and 4.7% for “old” apartments over 5 years in the second quarter of 2015.

Revised data shows the respective decline in the first quarter of 2015 was 4.7% for “new” apartments against 3.6% for “old” apartments, while the average annual rate of change in 2014 was -6.6% and -8.1% respectively.

The decline varied according to the area: Drops were noted in Athens (5.2%), Thessaloniki (8.2%), other cities (7.1%) and other areas of Greece (4%).