Affluent Athens suburbs suffer most from property price slump

The biggest drop in house prices since the outbreak of the crisis has been recorded in the northern and northeastern suburbs of Attica, and to a somewhat lesser extent in the south of the region, with rate declines exceeding 50 percent against an average drop of 40-45 percent across Athens, according to Bank of Greece figures since 2009.

A study conducted by property surveyors Redvis Ltd showed that the areas with the distinctive profile of a suburb and a high concentration of properties with a rather large surface area have taken the biggest blow from the slump in demand, as transactions have declined by around 80 percent since the time before the crisis broke out.

In areas such as Kifissia, Dionysos and Penteli, north of Athens, where maisonettes and detached houses are common, property prices have been slashed by half in the last few years. Analysts speak of suburbs ...