Greece is grappling with an intensifying housing crisis, particularly in the Attica region—which includes the capital, Athens—and other major urban hubs. Limited housing supply is a key factor fueling the issue. Official data from ELSTAT, Greece's statistics authority, reveals that 793,000 residential properties are sitting vacant nationwide, with 255,300 located in the Attica region. Yet, only a fraction of these properties—4.45%, or about 11,367 apartments—are available for rent at prices under €1,000 per month.
Rental prices have surged dramatically in recent years. Between 2019 and 2024, rents in eastern suburbs of Attica rose by 49%. In wealthier areas like the northern suburbs, the increase reached 33.2%, while central Athens saw rents climb 16.8%. Efforts by the Greek government, such as introducing a three-year tax break for landlords offering long-term leases, have struggled to make a significant impact. Critics argue that the requirements for participation discourage many property owners.
Homeownership rates in Greece have also plummeted, exacerbating the crisis. According to Eurostat, the rate of homeownership has dropped sharply, from 84.6% in 2005 to just 69.6% in 2023. This decline has pushed more people into the rental market, as economic conditions make it increasingly difficult for households to purchase homes.
The combination of growing demand for rental housing and stagnant supply has driven rents to unsustainable levels. Meanwhile, Greek households are struggling to keep up. A report by Greece’s General Confederation of Greek Workers (GSEE) highlights that the country has the highest housing costs in the European Union. On average, Greek households spend 35.2% of their income on housing—compared to the EU average of 19.7%. For renters, the situation is particularly grim: 80% of Greek renters allocate over 40% of their income to housing costs.
Economic factors compound the problem. Disposable incomes in Greece have fallen by 20% since 2008, in stark contrast to the rest of Europe, where average incomes have risen by 11%. In 2023, Greece’s average annual adjusted salary was €17,013, ranking among the lowest in the European Union. For many Greeks, this financial reality makes securing adequate housing an increasingly unreachable goal.
