Greek price drops speed up

Greek price drops fell at a quicker pace in the third quarter of 2015, as the country's economy continued to shrink.

New figures from the Bank of Greece shows that apartment prices fell 6.1 per cent year-on-year across the three months to 2015 - faster than the 5 per cent annual decline recorded in the second quarter.

The decrease began to ease after a 10.8 per cent fall in 2013, but have struggled to recover, thanks to headwinds that include new property taxes designed to recoup the country's deficit and high unemployment. Nonetheless, with prices now around 41 per cent lower than they were before the global financial crisis, demand from foreign investors and holiday home bargain hunters has begun to rebound in the past year, boosted by the low prices and the favourable exchange rate with the weak euro.