The prices winter sale cottages this year they have almost halved compared to prices at the beginning of the crisis (2008), according to Geoaxis. Thousands of homes remain unfurnished, while demand is still recorded to be extremely soft.
Specifically, in 2024 there will be a very large and horizontal reduction in the sale prices of winter holiday homes, in total to an average of 55%, compared to the highs of 2008, for all four study areas (Arachova Voiotias, Agios Athanasios Pellas, Karpenisi Evrytania and Trikala Corinthia).
Agios Athanasios shows the biggest decrease, where from 3,301 euros / sq.m. in 2008, the value today ranges at 1,063 euros / sq.m. (-68%) followed by Karpenisi from 2,308 euros / sq.m. in 2008 today at 1,023 euros / sq.m. (-56%), Trikala Corinthia from 2,250 euros / sq.m. in 2008 today at 1,106 euros / sq.m. (-51%) and finally Arachova from 3,000 euros / sq.m. in 2008 today at 1,626 euros / sq.m. (-46%).
Compared to 2023, in 2024 there is a minimal positive change in the asking prices of winter holiday homes for Arachova and Karpenisi of 2.01% and 1.49%, respectively. Sales prices remain stable in Agios Athanasios Pella and Trikala Corinthia, according to Geoaxis.
In more detail, the requested sale price of winter cottages ranges from 1,594 euros / sq.m. in 2023 at 1,626 euros / sq.m. (2.01%) today in Arachova, Agios Athanasios from 1,053 euros / sq.m. in 2023 at 1,063 euros / sq.m. (0.95%), in Karpenisi from 1,008 euros / sq.m. in 2023 at 1,023 euros / sq.m. (1.49%) and in Trikala Corinthia from 1,097 euros / sq.m. in 2023 at 1,106 euros / sq.m. (0.82%).
Despite the temporary small increase in prices in recent years (2018 – 2019), several builders who invested by borrowing in the construction of luxury homes with a total construction and land purchase cost of more than 1,500 euros / sq.m. they are still completely locked in as even selling below cost does not seem to stimulate demand.
The image in Livadi tis Arachova is typical, where after the construction “run amok” – to the point where maisonettes were built almost inside the lake – dozens of complexes remain complete without any prospect of immediate disposal.
The median total area of a country house together with the auxiliary spaces, available through advertisements, is currently 144 sq.m. It is extremely large and reflects the tendency to exaggerate. The largest surfaces are recorded in Arachova at 160 sq.m, due to the abundance of new maisonettes in Livadi and the smallest in Trikala Corinthia at 130 sq.m, due to the older and more typical buildings on offer.
The median age of a holiday home available through adverts is currently 22.5 years. The longest construction age is recorded in Karpenisi with 37 years and the youngest in Arachova and Agios Athanasios Pella with 17 years.
Characteristics of Buying Country Homes
Even before the pandemic, an increasing percentage of housing entered short-term rental platforms. From March 2019 onwards the trend slowed, and 2022 – 2023 saw new signs of increasing supply.
Due to the inability to renew standard leases with the season and a general tendency to rent rather than buy, the supply will increase on short-term rental platforms. Arachova has created a special category, which is completely different from the rest of the regions. Despite this, the dynamics of the region seem stuck.
Demand has fallen to alarming levels mainly in Karpenissi and Agios Athanasios, as the majority of buyers come from Greece. Corinthia’s Trikala, due to its short distance from Athens, seems to be resisting the large reduction in values.
In the long term, climate change will significantly affect housing in areas that depend on ski resorts, as the latter continually reduce their operating days due to a lack of snow. It is noted that there is no easy financing in Europe for ski resorts below 2,500 m, while the increase in energy costs for their operation will create an even greater risk in local markets.