Real Estate: Housing Crisis in Greece with Numbers

Between 2018 and 2023, the cost of renting residential properties for families has cumulatively increased by 43.2% - 52.1%. In Greece, housing costs have reached levels equivalent to a whole "good" salary when it comes to family housing, and 60% - 70% of income for housing suitable for young people and/or students. This is stated in a study by the National Real Estate Network E-Real Estates.

The country is in the midst of a deep housing crisis

In 2023, the rate ended again with a moderate increase from 6% to 10%, and the main social issue of housing costs will continue to concern us in 2024. According to a study, average salaries for family apartments have increased by 43.2% - 52.1% from 2018 to 2023. Currently, in Greece, housing prices have reached levels equivalent to an entire "good" salary for family housing, and 60% - 70% of income for housing suitable for young people and/or students.

Increase in rent payments and tenant issues

The sharp increase in rental payments has become the main topic of conversation and discussion among all our compatriots, especially those who are planning to take the next step in life by starting a family and are already "on the lookout" for housing, as well as those whose rental agreements are expiring in the coming months. The "nightmare" of renewing a lease. As noted in the study, most rental agreements for apartments related to housing have a "birthday" in August and/or September, primarily for families.

A one-year lease contract with an increase of up to 40%

According to the research findings, many property owners, after the three-year term ends, do not agree to a new three-year lease if the tenant agrees to a sharp increase in rent. Instead, they propose to extend the existing lease for one year.

Crisis in numbers

According to the study, 45.5% of citizens in our country live in households with debts related to mortgage loans, rent, or utility payments. It is worth noting that the increase of 9.1 percentage points compared to 2021 (36.4%) is equivalent to approximately 910,000 people.