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How Have Prices for Winter Holiday Homes in Greece Changed from 2008 to the Present?
Factors such as economic uncertainty, changing climate conditions, and rising borrowing costs have created a challenging environment for the winter holiday home market in Greece. Despite some recovery in recent years, the sector continues to face difficulties, including uncertainty about the future, shorter winters, high mortgage rates, and significant construction costs.
From 2023 to 2024, minimal positive trends were recorded in key winter destinations like Arachova, Karpenisi, Agios Athanasios, and Trikala:
- Arachova: The average price per square meter rose from €1,594 in 2023 to €1,626 in 2024 (+2.01%).
- Karpenisi: Prices increased by 1.49%, from €1,008 to €1,023.
- Agios Athanasios: Prices grew by 0.95%, from €1,053 to €1,063.
- Trikala: Prices rose by 0.82%, from €1,097 to €1,106.
Prices for winter holiday homes in Greece have dropped by an average of 55% compared to their 2008 highs:
- Agios Athanasios: The steepest decline, from €3,301 in 2008 to €1,063 in 2024 (-68%).
- Karpenisi: Prices fell by 56%, from €2,308 to €1,023.
- Trikala: Prices dropped by 51%, from €2,250 to €1,106.
- Arachova: Prices declined by 46%, from €3,000 to €1,626.
Most domestic buyers come from urban centers like Athens and Thessaloniki, favoring areas that combine easy access and tourist amenities, such as Arachova and Trikala in Corinthia.
Foreign buyers include:
- Cypriots, attracted by cultural ties.
- Balkan buyers from Romania, Serbia, and Bulgaria, interested in properties near the border.
- German, British, and Scandinavian buyers, seeking winter homes in areas with ski resorts.
- Israeli buyers, drawn by investment opportunities in recent years.
This mix of domestic and international interest underscores the diverse appeal of Greece’s winter home market, despite its challenges.
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