Greece Leads Europe in Homeownership, But Financial Pressures Are Mounting

10:12 14/2/2025 - Πηγή: Dikaiologitika

The study reveals that 64 percent of Greeks own at least one home, slightly above the European norm.

Greece remains one of Europe’s most property-focused nations, with homeownership rates surpassing the European average. According to the latest European

Housing Trend Report 2024 by RE/MAX Europe, Greeks are not only more likely to own at least one property but are also significantly more inclined to own multiple properties compared to their European counterparts.

The study reveals that 64 percent of Greeks own at least one home, slightly above the European norm. However, what sets Greece apart is the prevalence of multiple-property ownership, with 39 percent of Greeks reporting that they own more than one property—14 percent higher than the European average. Despite this, only a small fraction, around three percent, of these additional properties are located abroad, highlighting a strong preference for domestic real estate investment.

For those who own a second home, the motivations vary. More than half use their additional property as a vacation home, a reflection of Greece’s long-standing tradition of seasonal living, particularly along its renowned coastlines. Others, around 21 percent, rent out their secondary properties, balancing personal use with income generation. These additional homes are primarily concentrated in coastal areas, which account for 41 percent, as well as in urban centers, making up 25 percent of second-property locations.

Despite strong homeownership rates, financial pressures are evident. While 68 percent of Greeks say they are satisfied with their current living conditions, only 24 percent feel financially secure in their housing situation. This is 20 percent lower than the European average, suggesting a greater degree of economic strain. Energy costs, in particular, remain a pressing issue, with just 17 percent stating that they are comfortable covering them. Moreover, financial difficulties have led more Greeks to rely on additional credit or loans to meet their monthly expenses, with 17 percent reporting the need for financial support, slightly higher than the European average of 15 percent.

Economic pressures appear to be driving a shift toward energy-efficient home solutions. An increasing number of Greeks are considering sustainability investments, with 33 percent planning to install solar panels and 24 percent looking into heat pumps. Both figures exceed the European averages, reflecting a growing awareness of energy efficiency, particularly in response to Greece’s warm climate.

When it comes to relocating, affordability now takes precedence over location for many Greeks. Fifty-nine percent of those considering a move prioritize financial feasibility over the desirability of a specific area, a rate eight percent higher than the European average. Additionally, energy efficiency has become an essential factor for 43 percent of prospective homebuyers. As a result, newly built homes, which typically offer better insulation and lower energy consumption, are gaining popularity, with 22 percent of Greeks expressing a preference for them.

Greek homebuyers are also placing greater importance on quality-of-life factors. The proximity of a property to green spaces is now a key consideration for 25 percent of buyers, while access to essential amenities such as schools, shops, healthcare services, and entertainment options is a priority for 27 percent.

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