Property prices in Greece continue to drop, albeit at a slower pace, according to Knight Frank’s Global House Price Index report for 2014.

The index is compiled on a quarterly basis using official government statistics or central bank data where available.

More specifically, Greece holds the 52nd place in a list of 54 countries ranked by annual price change and has the third largest decline in house prices, which reached 7.7% at the end of September 2014 compared to September 2013 (On a quarterly basis the percentage dropped by 1.4%).

However, according to the data of Knight Frank, a residential and commercial property consultancy based in London, the declining rate of the real estate prices in Greece has slowed down significantly, a fact that is confirmed by the last quarterly report of the Bank of Greece.