A new study conducted by IME-GSEVEE for the Athens Chamber of Commerce and the Committee of Urban Contracts has revealed significant insights into the rising real estate prices in Greece. According to the research, an overwhelming 93.7% of participants reported that property prices have increased over the past five years. The primary drivers cited for this price surge include the influx of foreign buyers, which represents 34.2% of the responses, insufficient government policies to support affordable housing, noted by 28.9% of respondents, and the rising costs of construction materials and labor, contributing to 23% of the opinions.

Participants also proposed various measures to mitigate the rising prices, with 41.5% suggesting activating unused properties through incentives. Other recommendations included developing social and affordable housing (36.5%), offering tax relief (31.9%), and providing incentives for new construction (28.6%). These findings reflect a critical need for policy adjustments and innovative solutions to ensure a balanced real estate market that meets the needs of both residents and investors in Greece.

The implications of these findings are significant, as they highlight the challenges faced by locals in accessing affordable housing amidst rising prices fueled by foreign investment and construction costs. As the government considers strategies to address these issues, the need for targeted interventions and collaboration between public and private sectors will be crucial in shaping a sustainable housing market in the future.