Greece’s market for winter holiday homes remains in a prolonged slump, with prices stuck far below their levels before the country’s financial crisis. This stands in stark contrast to the rest of the housing market, which has soared since 2017 with increases of 70 to 100 percent. Winter properties, however, have become the clear outlier, suffering average price drops of around 54 percent.
An annual survey by the valuation firm Geoaxis shows little movement in major mountain destinations such as Arachova, Karpenisi, the Trikala region of Corinthia, and Agios Athanasios in northern Greece. Arachova is the only location showing any improvement, and even there the 2.6 percent uptick leaves prices far from their former peaks. The resort town, once dubbed the “Mykonos of winter” for its popularity among affluent Athenians, still draws visitors but struggles to convert that interest into actual sales.
Geoaxis CEO Yiannis Xylas notes that the sharp decline in values has left thousands of properties unsold, even when sellers list them below construction cost. In areas like Livadi, on the outskirts of Arachova, entire complexes of luxury chalets built during the building boom remain empty and unused.
Climate change has become a crucial factor in the sector’s continued weakness. Reduced snowfall in recent years and shorter winter seasons have eroded the appeal of Greece’s mountain resorts. With ski centers operating for fewer weeks each year, the rationale for purchasing a winter home has diminished. The same trend has weakened demand for seasonal rentals, since peak periods are now significantly shorter.
As a result, the market is caught between low demand, an oversupply of dated or oversized properties, and a shifting climate that is gradually discouraging traditional winter tourism. Many owners are turning to short-term rentals in an effort to generate income, but this stopgap measure has not been enough to revive a segment of the real-estate market that seems to have lost much of its former allure.
