Climbing Prices for Land in Winter Resorts

Winter resorts are currently becoming particularly popular in Greece over the last years. However, as a consequence of this popularity, land prices are getting higher and higher making it difficult to many people to buy a winter house there. These regions include some of the most scenic winter destinations in Greece, such as Arachova, Metsovo, Karpenisi, Corinthia and Pelion. The increasing demand for real estate in the above areas come also from foreigners (mainly Western Europeans) looking for what they perceive as cheaper properties, compared to those available in their own countries. This has pushed up the rental value of apartments and villas, making it beyond the means of most domestic visitors looking to rent a place for a few months or the whole year, in order to avoid making weekend reservations. However, the increasing property prices at these mountainous regions (typically 300,000 Euro for 1,000 square meters, or even more for traditional houses) have even reached the level of summer properties on the Aegean Islands, making it impossible for an average Greek citizen to even think about buying an old house and renovating it. As an example, we mention that properties at Pelion with its many popular villages, like Markinitsa, Portaria and Tsagarada, cost around 2,500 to 3,200 euros per square meter, making it a less expensive alternative to Arachova (4,000 euros per square meter).