6/5/2026
According to a recent International Monetary Fund (IMF) analysis of the Greek real estate market, Greece faces a housing paradox: despite having one of the highest numbers of dwellings per capita in Europe, affordable housing remains increasingly out of reach for many households.
The IMF argues that the country's housing challenge is driven less by a shortage of properties and more by the inefficient use of the existing housing stock. Approximately 35% of homes are not used as primary residences, while 12–13% of the total housing stock remains vacant. Many properties are also outdated, energy-inefficient, or tied up in legal, planning, or inheritance-related issues.
Housing prices have surged by around 85% since 2017, significantly outpacing disposable income growth, which increased by only 47% over the same period. The strongest price pressures are observed in Athens, Thessaloniki, and popular tourist destinations.
Access to homeownership has become increasingly difficult, as many households struggle to accumulate the down payment required for a mortgage. According to the IMF, an average household may need up to 24 years of savings to secure the necessary funds.
The report also highlights Greece's severe energy-efficiency challenge. With one of the oldest housing stocks in Europe, only 7.4% of homes achieve an energy rating of B or higher, leaving households exposed to higher energy costs and energy poverty risks.
Short-term rental platforms such as Airbnb have further intensified market pressures in high-demand areas, reducing the availability of long-term rental housing. However, the IMF acknowledges the positive contribution of short-term rentals to tourism and household income and does not advocate broad restrictions.
To improve housing affordability, the IMF recommends prioritizing the activation of vacant properties through a combination of incentives and penalties. Proposed measures include:
The IMF concludes that Greece's housing challenges cannot be solved solely through subsidies or mortgage programs. A broader strategy is required, combining housing, energy, taxation, and development policies while making more effective use of the country's existing housing stock.
Source: https://www.capital.gr/oikonomia/3995185/dnt-gia-to-stegastiko-stin-ellada-den-leipoun-ta-spitia-leipei-i-sosti-axiopoiisi-tous-ta-metra-pou-proteinei-to-tameio/?utm_term=Autofeed&utm_medium=Social&utm_source=Facebook&fbclid=IwdGRjcASFWnxleHRuA2FlbQIxMQBzcnRjBmFwcF9pZAo2NjI4NTY4Mzc5AAEejsf7Bz74cwSX3UI4dQcB6kqsJFcdJK8MU-0vuv5nwA5b1YxVVowDdiZxVk0_aem_6qV-dF5zYp_8NRuwcgkG-A#Echobox=1779972888