Owner-occupancy

Housing in Bulgaria remains more affordable compared to its Western European counterparts, a fact that contributes to the high rate of homeownership in the country. According to real estate brokers, about 92.5% of Bulgarians live in their own homes.

Around 20-25 years ago, Cyprus was renowned for having one of the highest rates of homeownership globally, with figures nearly reaching 78-80%, as per the data available then. This statistical achievement often garnered admiration during discussions, both substantive and academic, as such high rates were uncommon in comparable contexts elsewhere.

The number of properties listed for sale significantly outweighs those available for rent in areas with substantial housing inventory, data show, indicating a reluctance of homeowners to rent out their properties.

The trend, according to data from the Spitogatos.gr website, is most notable in the western suburbs of Athens, known for their affordability to a broad demographic.

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.

When a law abolishing the Workers' Housing Organization was passed in 2012 as part of a package of stringent austerity measures, Greece gave up the last tool of state intervention in the real estate market.

In the latest Eurostat data disclosed on Thursday, it's been unveiled that a significant 85% of Bulgarians resided in households owning their homes in the year 2022, marking a slight increase from the preceding year's 84.9%. This statistic presents an intriguing aspect of the housing landscape in the country.

Homeowners who want to sell their properties in the market are now more willing to negotiate prices as existing home sales continue to decline.

Home sales plunged for a fifth month in a row in June. In the month, only 84,000 homes changed hands, pointing to a steep 44 percent decline from a year ago with existing home sales plunging more than 45 percent to around 58,000.

For Greeks, their home is one of their most valuable material possessions and one of the most important assets they have. After all, Greece has one of the highest homeownership rates in Europe.