Luxury properties in winter resorts of Greece, as Arachova, fell in prices by 49%, compared with the peak year of 2008, according to a study by real estate appraiser of Geoaxis. About 10,000 units are still unsold. Premium sites in the mountains, ee24.com reports citing ekathimerini.com.
Crisis has hit the Greek housing in the mountains. Now property in Arachova, resort on Mount Parnassus, costs €1,400 per square meter (-59% over the last 7 years). Real estate in Pella, just west of Thessaloniki, costs €1,360 for "square" (-53%).
Demand fell as prices. The number of transactions decreased by 28.2% from 2007 to 2012.
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