The Hellenic Property Federation states that real estate values have been slashed in half over the last five years. The group says that it receives hundreds of applications from members interested in donating their property to the state in order to escape the huge amounts of tax that they are charged with.

Imerisia newspaper notes that there are thousands of vacant apartments in Athens, Thessaloniki and other large areas, particularly large flats in old buildings around 30-40 years of age, who nobody is interested in letting.

Stores and offices in the city center are also hard to rent out due to the huge taxes. Real estate agents say that they are selling real estate at low prices eg a flat at around 100 square meters in downtown Athens can be sold as cheaply as 40,000 to 50,000 euros.

The Bank of Greece says that the price drop has dropped by 40 percent since the start of the crisis whereas 2013 was the worst year with the drop being over 10% less than the previous year. In some areas prices are cheaper by 55-60% with construction firms rushing to sell property at any rate.