Homeownership in Greece declined 11.3% in 2005-21

A new economic reality has emerged in the Greek housing market amid the prolonged financial crisis, with a notable portion of the nation's residential inventory now under the ownership of institutional or foreign investors. This trend is underscored by statistical data, revealing an 11.3% decline in homeownership rates from 2005 to 2021.

According to figures from the Hellenic Statistical Authority (ELSTAT) and Eurostat, Greece's homeownership rate in 2021 stood at 73.3%, slightly exceeding the European Union's average of 70%. By comparison, in 2005, the country boasted a homeownership rate of 84.6%.

Furthermore, industry insiders note that in the major urban hubs of Athens and Thessaloniki, homeownership rates are even lower, hovering around 60-65%. This phenomenon contributes to a persistent demand for rental properties, driven by the economic constraints faced by...