ECONOMY

Winter home rates slump by over 50 percent

The average prices of winter resort homes at popular destinations have slumped by up to 52 percent since the start of the financial crisis, according to a survey conducted by Geoaxis, a certified surveying company.

Nearly 10,000 such homes in the countryside have remained unsold as the crisis has affected this market more than that of main residences.

Notarial associations have recorded an average annual decline in house transactions of 28.2 percent from 2007 up to end-2012.

Properties in popular winter destinations such as Arachova, Aghios Athanasios, Karpenisi and Trikala in Corinth have dropped by an average rate of 44 percent since their peak in 2008.