Over 60% homeownership rate in Greece - One in three struggles to meet housing costs
Over 60% of Greeks own their homes, yet one in three struggles to afford their housing costs, according to a new European housing report.
A recent European Housing Trend Report indicates that Greece has a homeownership rate exceeding 60%, with many homeowners relying largely on personal funds to purchase their properties. Notably, about one in ten individuals has a mortgage, while approximately half of all homeowners have fully paid off their residences. Compared to the rest of Europe, Greeks tend to buy their first homes at an older age, often with familial support. Despite these statistics highlighting a strong homeownership culture, economic challenges loom large. The report reveals that one in three Greeks finds it difficult to cover housing expenses, and a staggering 59% profess they cannot afford rent or home purchases. This disparity between homeownership rates and economic viability underlines critical issues surrounding housing affordability in the country. The findings from the survey shed light on Greeksβ satisfaction with their living conditions, their financing behaviors regarding home purchases, and the economic pressures that influence their housing situations. As the country grapples with these issues, it raises questions about future housing policies and support systems necessary to assist those struggling.