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Athens Macedonian News Agency: News in English, 13-02-22

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Three employees with State General Accounting Office arrested for pension fraud
  • [02] Apartment prices down 11.7 pct in 2012, report

  • [01] Three employees with State General Accounting Office arrested for pension fraud

    AMNA -- Three female employees with the State General Accounting Office, one on suspension, a former employee and a retired employee, as well as, other three individuals were arrested on Friday by Greek Police (EL.AS) Internal Affairs officers accused of misappropriating pensions defrauding the state of hundreds of thousands of euros.

    Based on evidence, the suspects formed two distinct groups and managed to defraud the state of more than 600,000 euros in the past year alone.

    [02] Apartment prices down 11.7 pct in 2012, report

    AMNA -- Apartment prices fell by 13.2 pct in the fourth quarter of 2012 for an average decline of 11.7 pct last year, at the fastest rate in the last three years, Eurobank said on Friday.

    In a report on the domestic real estate market, the bank said that apartment prices fell by an average 5.5 pct in 2011, by 4.7 pct in 2010 and by 3.7 pct in 2009, for an accumulated drop of 27.9 pct compared with the peak of the third quarter of 2008, and have returned to levels last seen in the end of 2003. amna

    The report noted that a protracted deep recession and a follow-through reduction of households' available income overshadowed factors which helped in supporting real estate prices during the first years of the crisis. The report also said that increasing uncertainty over the future taxation of real estate property and property transactions also dampened sentiment among investors.

    Investments in building activity are in a free-fall, dropping by 62.7 pct in fixed prices compared with 2007 (EU data). Investments in home building dropped 71.2 pct in the same period, while investments on other buildings fell by 34.5 pct. amna

    Building costs, on the other hand, remained at high levels, falling by 0.08 pct in 2012, after rising by 1.05 pct and 1.8 pct in 2011 and 2010 respectively. During this period, labor cost fell by 1.1 pct in 2012, by 1.1 pct in 2011 and its was unchanged in 2010.

    A report by Alpha Bank noted that demand for real estate property has almost frozen because of excessive taxation and high objective property prices in several areas. The bank said that the property market has been burdened excessively since September 2011 and stressed that it was necessary to revive transactions in the market as part of efforts to restart economic activity in the country.amna

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