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Greek housing market falling down fast

Posted on 30 November 2012

With austerity measures cutting deep into consumer spending and construction, the Greek housing market has taken an especially big hit, with an 80 percent decline in building in the last five years, since the country’s recession began.
Unable to pay even necessities, most Greeks aren’t even thinking of new homes, resulting in developers staying out of the market until demand returns. Making it worse, property taxes have been doubled in a new avalanche of tax hikes and Greeks are avoiding buying homes, while many have defaulted on their mortgages during the crushing economic crisis………………………………………..Full Article: Source


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