Pilio is one of the most popular Greek districts for country property.
Mountain properties with
spectacular views go for
prices that applied three
years ago
Countryside properties are no exception
to the slump hitting the
Greek housing market and this
continues to be true in the winter
months.
There have been few transactions
involving properties on the
Greek mainland; in fact, they are
practically frozen, especially in the
case of expensive ones, while
small apartments and plots are faring
better. We are witnessing a correction
trend in prices but without
steep reductions. Recent data
compiled by the Bank of Greece
show that prices outside big cities
fell just 0.9 percent in the first nine
months of 2009.
Market sources point out that
demand in the holiday home segment
is so subdued that mountain
properties with spectacular views
go for prices that applied three
years ago. The supply of chalets of
all sizes in the regions of Parnassos,
Kalavryta, Karpenisi, the
Corinthian uplands and Pilio and
resorts in the Pindos Mountains
has increased dramatically, as attested
by the hundreds of ads in
the papers.
Buyers on the whole seem to
have adopted a wait-and-see attitude,
anticipating a further deterioration
in economic conditions
and changes in property taxation
– where there are fears of additional
burdens.
In general, prices have fallen by
about 10-15 percent in the last two
years, particularly around Mount
Parnassos – the country’s most expensive
winter resort, some 200
kilometers northwest of Athens –
and Pilio, on the eastern mainland.
However, Arachova on the slopes
of Parnassos, which has been
dubbed “the winter Myconos,”
remains the favorite for winter
property buyers and prices remain
by far the highest, at 2,000-4,000
euros per square meter. Local realtors
say transactions have fallen
about 60 percent since the beginning
of the slump. In Amfikleia,
on the northern side of the mountain,
prices of newly built houses
are lower, at 2,200-2,600 euros/
sq.m.
Near the ski center at Polydroso
there are dozens of unsold
properties going for 1,800-2,500
euros/sq.m.
In Pilio, which is popular yearround,
costs vary between 2,000
and 3,500 euros/sq.m., and plots
of land from 150,000 to 350,000 euros
per quarter acre. Makrynitsa
and Portaria, close to the city of Volos,
attract the strongest demand.
In Litohoro, on Mt Olympus
prices range from 1,200 to 1,700
euros/sq.m. and 20,000 and 60,000
euros per quarter acre.
Mountain properties with
spectacular views go for
prices that applied three
years ago
Countryside properties are no exception
to the slump hitting the
Greek housing market and this
continues to be true in the winter
months.
There have been few transactions
involving properties on the
Greek mainland; in fact, they are
practically frozen, especially in the
case of expensive ones, while
small apartments and plots are faring
better. We are witnessing a correction
trend in prices but without
steep reductions. Recent data
compiled by the Bank of Greece
show that prices outside big cities
fell just 0.9 percent in the first nine
months of 2009.
Market sources point out that
demand in the holiday home segment
is so subdued that mountain
properties with spectacular views
go for prices that applied three
years ago. The supply of chalets of
all sizes in the regions of Parnassos,
Kalavryta, Karpenisi, the
Corinthian uplands and Pilio and
resorts in the Pindos Mountains
has increased dramatically, as attested
by the hundreds of ads in
the papers.
Buyers on the whole seem to
have adopted a wait-and-see attitude,
anticipating a further deterioration
in economic conditions
and changes in property taxation
– where there are fears of additional
burdens.
In general, prices have fallen by
about 10-15 percent in the last two
years, particularly around Mount
Parnassos – the country’s most expensive
winter resort, some 200
kilometers northwest of Athens –
and Pilio, on the eastern mainland.
However, Arachova on the slopes
of Parnassos, which has been
dubbed “the winter Myconos,”
remains the favorite for winter
property buyers and prices remain
by far the highest, at 2,000-4,000
euros per square meter. Local realtors
say transactions have fallen
about 60 percent since the beginning
of the slump. In Amfikleia,
on the northern side of the mountain,
prices of newly built houses
are lower, at 2,200-2,600 euros/
sq.m.
Near the ski center at Polydroso
there are dozens of unsold
properties going for 1,800-2,500
euros/sq.m.
In Pilio, which is popular yearround,
costs vary between 2,000
and 3,500 euros/sq.m., and plots
of land from 150,000 to 350,000 euros
per quarter acre. Makrynitsa
and Portaria, close to the city of Volos,
attract the strongest demand.
In Litohoro, on Mt Olympus
prices range from 1,200 to 1,700
euros/sq.m. and 20,000 and 60,000
euros per quarter acre.
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