Homeownership Falls Below 70% — What Renters’ Rise Means for Investors

Anatomy of the rental stock: age, size and regional differences

The rental market in Greece is skewed toward smaller, older properties. REMAX Greece and ELSTAT data show clear patterns that matter for investors considering buy-to-let strategies and for buyers weighing whether to live in a rented or owned home.

Housing composition (ELSTAT, 2021 census):

• 2.27 million single-family homes
• 1.012 million semi-detached
• 3.274 million apartment building units
• 2.277 million vacancies, mostly single-family homes at 1.033 million

Age of the stock (selected buckets):

• 2.356 million homes built between 1960–1980
• 1.228 million from 1981–1990
• 915,138 homes from 2001–2010
• During the crisis years 2011–2015, construction almost halted with only 112,758 homes built
• Since 2016, just 60,866 homes were constructed
• There are 128,787 pre-1919 homes and 268,775 from 1919–1945

Regional stock counts include 2,162,826 properties in Attica and 1,825,932 in Northern Greece.

Rental size and age profile (REMAX survey):

• Nationally 44.7% of rentals are up to 50 m², 21.9% are 51–75 m², 30.1% are 76–150 m², and 3.3% exceed 151 m²
• Nationally 74.1% of rentals are over 20 years old; only 6.4% are under 5 years
• In Attica (Athens region) 84.9% of rental stock is over 20 years; only 4.3% are under 5 years
• In Thessaloniki 83.7% of rentals are over 20 years; 3.4% are new builds

Regional nuance matters: in Athens and Thessaloniki demand consolidates around small, older apartments. Elsewhere in Greece rentals skew somewhat newer and larger, but the national picture is dominated by ageing apartment stock.

Who rents and what they demand

If you are an investor, you must match asset characteristics to tenant priorities. REMAX’s analysis and state data give a reliable portrait of the modern Greek renter:

• Demographic: Mainly younger people who grew up during the crisis and cannot afford a mortgage or large down payments
• Size preference: 67% of renters nationally choose apartments up to 75 m², with the highest demand under 50 m²
• Age preference: Three out of four renters live in properties older than 20 years; in Athens and Thessaloniki that figure is close to 85%

Top tenant requirements:

• Elevator: 100% (universal requirement in the data)
• Proximity to public transport: 94% in Attica, 62% in Thessaloniki
• Parking: 56% in Athens, 50% in Thessaloniki
• Renovations: considered necessary by over 80% in Athens
• Furnishing: 94% in Athens are indifferent, 50% in Thessaloniki indifferent

These preferences produce direct implications. For example, a small, well-located, elevator-served apartment close to metro or tram lines will command a premium relative to a larger unit in a less connected suburb, even if the latter is newer.

Investment implications: where returns and risks lie

We think Greece is now a more segmented rental market than many investors assume. Opportunities exist but they come with caveats.

Attractive features for investors:

• Rising rents: +9.9% YoY in September creates a short-term yield improvement
• Strong demand from long-term renters, especially young professionals in Athens and Thessaloniki
• A large, aging stock that is inexpensive to buy compared with newer construction elsewhere in Europe

Key risks and headwinds:

• Limited supply of high-quality new builds: since 2016 only 60,866 homes were added to the stock
• Tax and reporting opacity: under-declaration of rents undermines reliable yield calculations and complicates tax compliance
• Regulatory risk: government measures like the Tenant Registry or changes to landlord taxation can alter returns quickly
• Quality and maintenance: three-quarters of rentals being over 20 years old means renovation needs can eat into returns
• Vacancies are significant in certain segments: 2.277 million vacancies suggest misalignment between where empty stock sits and where renters demand housing

How investors should respond:

• Focus on proximity to public transport and elevator-equipped buildings — tenants pay for those features
• Budget for refurbishment when buying older units. A lower purchase price can vanish after necessary upgrades
• Verify rent declaration history through ENFIA or lease records to avoid hidden tax liability and to validate actual rents
• Consider buy-to-rent strategies in Attica and Thessaloniki for cash flow, but be conservative in yield assumptions

Policy, taxation and market structure: what to watch

The Greek market’s recent moves are influenced by policy as much as by economics. Important points for buyers and investors:

• ENFIA records provide a near-complete view of the stock but they also expose how certain portfolios of repossessed properties are kept off the market
• The rental rebate program that covered 886,883 households highlights political pressure to ease renters’ burdens; such programs can alter demand patterns temporarily
• The Tenant Registry aims to identify bad payers but could increase administrative burdens for small landlords

From our perspective, the government faces a trade-off: support tenants against rapid rent growth while maintaining incentives for owners to offer long-term leases and report rents fully. Any policy that increases the cost of renting for landlords risks further suppression of supply.

Practical checklist for buyers, landlords and renters

If you are active in the Greek property market, here are concrete steps to take:

• For buyers/investors:

  • Target apartments under 75 m² in central, transport-connected locations if you plan to rent to young professionals
  • Inspect structural and MEP systems — older buildings often need modern wiring, insulation and heating upgrades
  • Model yields using conservative rent growth assumptions, adjusting for renovation and tax compliance costs

• For landlords:

  • Declare rents accurately and maintain robust lease documentation to avoid future tax disputes
  • Prioritise elevator access and proximity to public transport in marketing
  • Consider renovating kitchens and bathrooms; tenants are willing to pay more for modern essentials

• For renters and buyers seeking to purchase:

  • Expect rents to be higher than recently, especially in Athens and Thessaloniki
  • If you plan to buy, be realistic about down payments: homeownership no longer feels attainable for many young households

Frequently Asked Questions

Q: How many homes are there in Greece?

A: ENFIA tax clearance data record 7.3 million residences, while the Hellenic Statistical Authority’s 2021 census recorded 6,596,761 properties.

Q: What share of Greeks rent versus own?

A: According to Eurostat (2024), 69.7% live in owner-occupied homes and 30.3% are renters, bringing Greece close to the EU average of owner-occupation (68%).

Q: Are rents rising or falling?

A: Rents rose 9.9% year-on-year in September, even as overall inflation slowed to 1.9%, indicating a persistent rental-cost squeeze.

Q: What types of rental properties are most common?

A: Nationally, 44.7% of rentals are up to 50 m² and 74.1% of rentals are over 20 years old. In Athens and Thessaloniki the share of older, smaller apartments is even higher.

Final assessment: opportunities shaded by structural limits

Greece’s shift toward a larger renter population is real and measurable. For investors, short-term yields are improving thanks to rising rents, but the ageing nature of the rental stock, tax reporting irregularities and limited new construction since the crisis create real management and policy risks.

In plain terms: if you plan to invest in Greek property, expect higher rent growth than general inflation, focus on compact, well-located units with elevator access, and budget for renovation and tax compliance. The market rewards careful underwriting; it punishes assumptions that structural supply constraints will be resolved quickly. A clear, immediate fact to keep in mind is that the rental sector saw a 9.9% annual increase in rents by September while the state’s rebate program confirmed nearly 887,000 beneficiary households, underscoring both rising costs and the heavy reliance on rental support.