More precisely, and while quoting the IMF's Global Housing Watch, it was left to be understood that a typical upscale housing unit of 100m2 in Greece was only slightly out of reach of average household incomes, but were much more affordable than in places like Belgium, Canada, Australia or the UK.
In a report called Global Housing Watch, the IMF said that the biggest decline worldwide was in India (-9.1%), followed by Greece (-7.02%), Italy (-6.54%), Cyprus (-6.48%) and Croatia (-6.35%).
On the other hand, the Philippines (10.56%), Hong Kong (10.25%), New Zealand (9.1%), China (9.1%) and Colombia (8.1%) saw their real estate prices increase in the same period.
The report said that a typical upscale housing unit of 100m2 was only slightly out of reach of average household incomes, but were much more affordable than in places like Belgium, Canada, Australia or the UK.
The report also found that the house price-to-rent ratio in Greece was -16.3% below the average. In other words, it makes more sense buy a home than to rent it. In Canada, on the other hand, current ratio is about 86.7%, meaning it makes the most sense to rent.
Combined Reports - Eleytherotypia, ANA-MPA
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