In Greece, the homeownership rate exceeds 60%, but one in three residents faces challenges in affording their housing costs, highlighting the financial strain on many households.
The homeownership rate in Greece is reported to be over 60%, with a significant portion of homeowners relying on their own funds for property purchases. The survey reveals that only about one in ten Greeks holds a mortgage, while almost half have already paid off their homes. Interestingly, Greeks tend to buy their first home at an older age than the European average, often with assistance from family members. This indicates not just cultural trends in purchasing but also economic pressures that affect when individuals feel ready to invest in property.
Despite high homeownership rates, the data reflects a concerning reality: one in three Greeks struggles to meet their housing expenses. The survey conducted by REMAX Europe presents a grim picture, indicating that 59% of participants cannot afford to rent or buy a home, which suggests serious affordability issues in the Greek housing market. Additionally, satisfaction levels with housing have decreased slightly from 68% to 66% compared to the previous year, which could signal growing discontent among homeowners and renters alike regarding their living situations.
In terms of owner-occupancy, Greece's figures align closely with the European average, standing at 63% compared to the EU's 69%. However, the challenge of housing affordability raises questions about the sustainability of Greece's housing market if economic conditions do not improve. As home prices and living costs continue to rise without corresponding increases in wages or financial support, many Greeks may find themselves in precarious living situations in the future, posing broader implications for the economy and social stability.
