Total Area: 131,957 km²
GDP (in billion USD): 303
Greece, officially the Hellenic Republic, is a country in Southeast Europe. Athens is the nation's capital and largest city, its urban area also including Piraeus.
Residential property prices in Greece continue to plunge, with the Greek economy enduring one of the worst crises in its history. Greece is already on its fifth year of recession, with the economy expected to contract by 7% in 2012.
The average price of apartments in Greece plunged by 9.83% y-o-y to Q1 2012, according to the Bank of Greece. When adjusted for inflation, property prices actually dropped by 11.62% over the same period. During the year to Q1 2012, prices of old apartments (5 years or older) fell 8.6%, with prices of newer apartments falling 10.3%.
Residential real estate transactions fell in number, volume, and value. In the first quarter of 2012, the total number of residential real estate transactions was down 54.1% to 5,874 from a year earlier. On the other hand, the volume and value of real estate transaction plunged by 52.1% and 56.5%, respectively. In June 2012, the total amount of outstanding housing loans in Greece fell by 3.5% to €76.6 billion from the same period last year, based on figures released by the Bank of Greece.