Winter holiday homes' asking prices plunge this season
Winter holiday homes' asking prices plunge this season
  Economy  |  Europe

Winter holiday homes' asking prices plunge this season

Geoaxis Winter Home Value Observatory
RE+D magazine

Remarkable reduction in winter holiday homes' asking prices was recorded accroding to Geoaxis, Winter Home Value Observatory. The COVID-19 in addition to the current difficult economic conditions are negatively affecting this particular market with prices reduced by approximately half (-56%) compared to the high values of 2008.

A modest increase in asking prices was recorded only in Arachova (5%), while the biggest decrease was observed in Trikala of central Corinthia (-7%). Karpenisi remained unchanged.

According to the Observatory values are expected to be further suppressed over the next 12 months due to limited demand, while the expectation of lower prices is sure to put potential buyers on hold, further freezing the market.

The observatory processes data from advertisements published in newspapers and on the internet for the four most popular markets for winter holiday homes in our country between 2022 and 2008: Agios Athanasios Pella, Karpenisi, Arachova and Trikala in Corinthia.

In further detail, in Arachova from 1,488 euro/m2 in 2021 the asking price is currently 1,558 euro/m2 (5.0%), in Agios Athanasios Pellas from 1,103 euro/m2 in 2021 to 1,050 euro/m2 (-5.0% ), in Karpenisi from 990 euro/sqm in 2021 to 992 euro/sqm (0%) and in Trikala Corinthia from 1,182 euro/sqm in 2021 to 1,095 euro/sqm (-7.0%).

The median surface area of a country house comprising auxiliary spaces -available in the market- is currently at 139 sq.m. The median area is extremely large and captures the prevailing tendency to exaggerate. The largest surfaces are recorded in Arachova at 225 sq m, due to the abundance of new maisonettes in Livadi, and the smallest in Trikala Corinthia at 120 sq m, due to the older and more typical buildings on offer.

The mean age of a holiday home available in the market is currently 18.5 years. The longest construction age was observed in Karpenisi with 27 years and the youngest in Arachova with 10 years.