Residential property prices in Greece may have soared—doubling in some cases over the past decade—but winter holiday homes tell a very different story. In many of the country’s most popular cold-weather destinations, second homes now sell for as little as one-third of their pre-crisis value. Even so, they attract remarkably little interest.

With sales stalled, many owners now rely on short-term rentals to earn at least seasonal income. Early data from the new price observatory of Geoaxis indicate that winter holiday home prices have dropped 54% since 2008, and the market remains essentially frozen, showing little change from last year.

Despite the steep discounts, most households still can’t afford to buy. An Alpha Bank survey shows that over half of those without a home view ownership as financially out of reach. With shrinking incomes and mounting uncertainty, a winter retreat isn’t even on the horizon for most Greeks—a trend last year’s Geoaxis report predicted. Its warning has proved accurate: in Greece’s so-called “winter Mykonos,” prices have fallen 44% since 2008.

Geoaxis notes that, until the pandemic, more winter homes moved to short-term rentals—a trend that has eased but not stopped. With seasonal leases hard to renew and owners preferring to rent rather than sell, supply on these platforms is expected to keep growing.

Arachova stands apart as a distinct market, yet even this perennial favorite shows limited momentum. This year’s report records a modest 2.6% price uptick—insufficient to offset years of decline. Average asking prices now hover around 1,690 euros per square meter, down from 3,000 euros in 2009.
Despite prices having nearly halved since the start of the crisis, demand remains strikingly weak.

Developers who borrowed heavily to build luxury homes—often at construction and land costs exceeding 1,500 euros per square meter—find themselves trapped. Even selling below cost has failed to spark meaningful interest.

The steepest price collapse is recorded in Agios Athanasios, Pella, a traditional settlement near the Kaimaktsalan ski center known as “the most cosmopolitan village in Macedonia.” There, average prices have plunged 68% to 1,065 euros per square meter from 3,300 euros in 2008.

Karpenisi follows with a 55% decline, bringing prices down to 1,042 euros from 2,310 euros. In Trikala, Corinthia, proximity to Athens has softened the blow, yet values are still down 51%, averaging 1,110 euros per square meter compared with 2,250 euros before the crisis.