Prices in winter holiday homes around Greece – How much have they changed since 2008 to date

The Greek wintertime vacation location marketplace continues to look important challenges, contempt the comparative betterment recorded successful erstwhile years.

Factors specified arsenic wide economical uncertainty, changing climatic conditions and rising borrowing costs person created a hard situation for the improvement of this market.

In particular, arsenic noted successful the latest GEOAXIS Winter Residential Winter Home Values Watch 2024/2025, wide uncertainty astir the future, the lack of an extended winter, precocious borrowing rates and important operation costs are negatively impacting this market. Although compared to the historical highs of 2008, values are inactive down much than half

In presumption of yearly alteration 2024 – 2023), a minimal affirmative alteration successful the asking income prices of wintertime vacation homes is recorded for Arachova successful Boeotia and Karpenisi successful Evritania of 2.01% and 1.49% respectively. The selling prices successful Agios Athanasios of Pella and Trikala of Corinth stay stable.

In much detail:

* In Arachova, from 1,594 euros/sq.m. successful 2023, the asking terms presently stands astatine 1,626 euros/sq.m. (2.01%).

* In Agios Athanasios, from 1,053 euros/sq.m. successful 2023 to 1,063 euros/sq.m. (0.95%).

* In Karpenisi, from 1,008 euros/sq.m. successful 2023 to 1,023 euros/sq.m. (1.49%).

* In Trikala, Corinthia, from 1,097 euros/sq.m. successful 2023 to 1,106 euros/sq.m. (0.82%).

Change 2024 – 2008

Compared to the 2008 highs, determination is simply a precise ample and horizontal alteration successful the 4 survey areas, averaging -55%.

In much detail:

* The largest alteration is successful Agios Athanasios, wherever the worth of 3,301 euros/sq.m. successful 2008 is present 1,063 euros/sq.m. (-68%).

* In Karpenisi, from 2,308 euros/sq.m. successful 2008 to 1,023 euros/sq.m. contiguous (-56%).

* In Trikala, Corinthia, from 2,250 euros/sq.m. successful 2008 to 1,106 euros/sq.m. contiguous (-51%).

* In Arachova, from 3,000 euros/sq.m. successful 2008, contiguous astatine 1,626 euros/sq.m. (-46%).

Demand and Supply

Despite the astir sub-doubling of prices compared to the opening of the situation (2008), request is highly weak. Several developers who invested successful luxury homes with a full outgo of much than 1,500 euros/sqm find themselves stranded, arsenic adjacent selling beneath outgo does not trigger demand. The illustration of Livadi successful Arachova is typical, wherever dozens of complexes stay completed with nary imaginable of contiguous sale.

The median full country of a state location (including auxiliary spaces) is 144 sq.m., with the largest areas successful Arachova (160 sq.m.) and the smallest successful Trikala Corinthia (130 sq.m.).

The median property of a vacation location is 22.5 years, with the oldest successful Karpenisi (37 years) and the youngest successful Arachova and Agios Athanasios (17 years).

According to Geoaxis estimates, uncertainty astir the adjacent aboriginal combined with the shrinking disposable income continues to marque wintertime vacation homes an off-agenda enactment for the bulk of Greeks, resulting successful stagnation and imaginable aboriginal compression of values.

The survey areas see Arachova successful Boeotia, Agios Athanasios successful Pella, Karpenisi successful Evritania and Trikala successful Corinthia. The prime was made to screen indicatively the celebrated wintertime tourer destinations of the country. In each region, locations with emblematic characteristics were selected, taking into relationship the homogeneity and reliability of the disposable data.

Who buys wintertime residences?

Buyers of wintertime homes successful Greece, according to converging estimates from existent property consultants contacted by APE/MPE, travel chiefly from:

Domestic buyers: The bulk of the tiny Greek colonisation comes chiefly from municipality centers specified arsenic Athens and Thessaloniki, choosing areas that harvester casual entree and tourer improvement (e.g. Arachova, Trikala successful Corinthia).

Buyers from overseas travel from Cyprus, chiefly owed to adjacent taste ties, arsenic good arsenic from Balkan countries from Romania, Serbia, and Bulgaria, with involvement successful areas adjacent to the border. Also, buyers from Germany, the  UK, and Scandinavian countries are looking for wintertime residences successful areas with skis resorts. In caller years determination has been involvement from Israelis, chiefly for concern opportunities.

Most overseas buyers similar areas with bully tourer infrastructure, earthy quality and the anticipation of short-term rentals for a instrumentality connected investment.

Climate alteration and its effect connected wintertime housing.

According to planetary reports, skis resorts, which are a cardinal inducement for the acquisition of wintertime vacation homes, are signaling a diminution successful operating days owed to insufficient snowfall cover. In particular, areas located astatine little altitudes (<2,500 m) look adjacent greater difficulties. In Europe, galore banks debar financing projects for skis resorts astatine debased altitudes, arsenic they are considered unsustainable successful the agelong term. Increased vigor prices are a load connected skis resorts, reducing their quality to run and negatively affecting section existent property markets successful regions of Europe and our country. As Yannis Xylas, managing manager of Geoaxis, tells APE/MPE, conscionable arsenic areas successful the Alps are trying to go a 12-month destination by organizing summertime activities, Greek wintertime destinations could pull tourism with akin actions. It requires planning, consensus, and imaginativeness from section actors (Municipalities, Hoteliers, Professionals, Chambers of Commerce, etc.). It is simply a hard concern for our state wherever idiosyncratic inaugural alternatively than corporate inaugural prevails. In immoderate case, Mr. Xylas estimates that successful the agelong word owed to clime change, we volition spot an summation successful involvement successful wintertime destinations, particularly adjacent Athens.