One in three homes in Greece is empty, yet finding housing remains a challenge
Data from ΙΟΒΕ reveals that a third of Greek residences are unoccupied, but location mismatches and financing limits keep the housing market tight.
- About one-third of all homes in Greece are vacant, but many are located in regions with low demand or serve as secondary/holiday properties.
- Demand is heavily concentrated in the Attica region, where the percentage of available vacant housing is actually the lowest nationwide.
- New mortgage disbursements remain far below historical levels, while foreign demand and programs like the Golden Visa have supported rising prices.
For Israeli investors looking at properties in Athens and central areas, the high number of vacant homes does not mean affordable rentals are readily available where demand peaks. Review local micro-locations carefully before proceeding. This information is general and does not constitute financial or legal advice.
The Gap Between Vacant Homes and Actual Needs
According to data from ΙΟΒΕ, nearly one out of every three residences in Greece is currently empty. For anyone searching for a home and calculating rental costs against monthly income, this figure may seem paradoxical. However, a closer look at the data explains why affordable housing remains difficult to secure.
The core of the issue lies in geographical distribution. A large share of the inactive housing stock consists of holiday homes or secondary properties located in regional areas outside major economic hubs. In contrast, the Attica region, where employment and housing demand are highest, records the lowest proportion of vacant housing in the country.
Additional Factors Shaping the Housing Market
Beyond location mismatches, several other factors restrict the immediate availability of housing for long-term residents:
- Unavailable Stock: A significant portion of properties is tied up in administrative processes, legacy loan management, or short-term rental arrangements, keeping them out of the standard long-term pool.
- Construction and Costs: While construction activity has been recovering, residential investments as a percentage of GDP remain below the European average due to high material, energy, and financing costs.
- Limited Mortgage Financing: New mortgage disbursements for domestic households remain heavily constrained compared to pre-crisis levels, even as foreign demand driven by programs such as the Golden Visa has supported rising property valuations since 2018.
Outlook and Policy Directions
Analysts emphasize that bringing closed properties back into the long-term rental market through renovation subsidies and tax incentives is a necessary step. However, existing stock alone is insufficient; expanding new housing supply is equally crucial to ensure that buyer support programs do not simply drive up prices in an undersupplied market.
Yavanet will keep updating from official sources.
