The market for winter vacation homes remains in a state of prolonged stagnation, despite the overall improvement in macroeconomic conditions and the positive performance of tourism, according to the Winter Vacation Homes Value Observatory 2025/2026 by geoaxis.
Meanwhile, values in the main winter tourism markets show minimal annual changes, with asking prices remaining essentially stagnant and demand at very low levels. As the survey indicates, the countrys economic and political stability has not translated into a substantial recovery in this particular market, which continues to function as a derivative of the broader real estate landscape.
At this point, it should be emphasized that, compared to the historic highs of 2008, the values of winter vacation homes in the studied areas remain on average 54% lower. The largest decline is recorded in Agios Athanasios, Pella, with a 68% decrease, followed by Karpenisi at -55%, Trikala Corinthias at -51%, and Arachova at -44%, reflecting the structural weakness of the market to recover meaningfully.
At the same time, the annual price change between 2024 and 2025 remains marginal. In Arachova, an increase of 2.58% is recorded, in Karpenisi 1.86%, while prices in Agios Athanasios, Pella, and Trikala Corinthias remain almost unchanged. As highlighted in the report, these changes do not represent a real trend but rather statistical noise in a market with limited mobility.
At the same time, the survey highlights the structural pathologies of this market. High borrowing rates, increased construction and maintenance costs, and general uncertainty about the future act as deterrents for both Greek and foreign buyers. Supporting this, thousands of properties remain unsold, even in cases where prices are below construction costs.
Special mention is also made of the composition of the stock, as the median size of offered winter vacation homes is 142.5 sq.m., a size that, according to geoaxis, reflects a long-standing trend of excess that does not align with current purchasing power. At the same time, the median age of properties is 27.5 years, further reducing their attractiveness.
In contrast, the short-term rental market seems to serve as an outlet for part of the stock, without, however, altering the overall picture. As noted, the trend toward renting rather than buying is strengthening, while in the long term, climate change is expected to further burden areas dependent on ski resort operations, due to the gradual reduction in snowfall days.
In any case, the forecast for the next 12 months remains cautious. Geoaxis estimates that the situation is not expected to change significantly, with values likely to stabilize further or even experience slight compression, confirming that winter vacation homes currently remain outside the investment agenda for the vast majority of interested parties.
