Slide in Greek residential property price gains pace in Q2

Athens

GREEK residential property prices declined at a faster pace in the second quarter than the first, data showed on Tuesday, as Greece's slide back into recession hit household incomes and employment.

Property accounts for a large chunk of household wealth in Greece, which has one of the highest home ownership rates in Europe - 80 per cent versus a European Union average of 70 per cent, according to the European Mortgage Federation.