One in five Greeks is considering buying a property within the next 1-2 years, while 1 in 3 considers the acquisition of a home, plot of land or business premises to be a safe investment. At the same time, 1 in 3 states that their income does not cover their needs and 1 in 2 “just barely makes ends meet”, with only 1 in 7 appearing to have sufficient income.
The above revealing data are included in a Focus Bari survey on the real estate market in Greece, which was presented on Thursday, April 10, at the 2nd Real Estate Market Round Table, organized by RM International and the Athens-Attica Real Estate Brokers Association under the auspices of the Panhellenic Federation of Real Estate Brokers Associations (P.O.S.M.A.S).
According to the results of the survey, regarding the aspects of "Social & Economic Pressure" experienced by Greek citizens, society today is "attacked" by serious issues according to the answers given by the participants in the Focus Bari survey and based on the ranking percentages, they are the following: economic insecurity (86%), inadequacy of social services (79%), violence - criminality (78%), unemployment - inability to self-determination (76%), disasters and climate change (76%), obstacles to healthcare (76%), delinquency - lawlessness (74%), exploitation and inhumanity (74%), wars and destabilization (72%), individualistic attitude (71%), violence against children (71%), moral degeneration (69%), violation of privacy (65%), underground economy/corruption (65%), road safety and education (65%), overconsumption (63%), immigration & refugee (62%), social exclusion (58%), inability to manage debt (55%).
Regarding the data of the survey on the housing market, positions, trends and needs, 1 in 2 Greeks lives in a privately owned property, 35% live in a rental and mainly concern the lowest incomes while 15% state that they live without rent and in a privately owned property. It is noted that the survey shows that homeownership in Greece is at the global average, with a significantly higher percentage of tenants (in Greece at 35% and globally at 27%).
However, despite the socio-economic challenges, property ownership continues to be a key pillar of security and investment for Greek households as 68% of the survey participants declare themselves to be owners of real estate and the remaining 32% that they do not own it.
Types of Homes Owned by Greeks and Income from Real Estate
As income increases, the ownership profile also expands: from the main residence to holiday homes, investment properties and other types of properties. Specifically, 53% of the total population declares a main residence, 20% a holiday home or family home, 8% an investment property, etc. with the average number of properties per owner being 1.8.
Regarding income from real estate, only 1 in 3 owners utilizes their property for income and those who do so declare that they gain greater comfort. On the other hand, long-term leases are the main source of income from real estate, while short-term ones are clearly limited Long-term Leases 25%, Short-term Leases (e.g. Airbnb) 5%, Commercial/Agricultural Exploitation 7%.
Year of construction and square footage
The data presented by Focus Bari during the 2nd Real Estate Market Round Table on the year of construction of properties and their area are very interesting. The majority of owners own homes built in the 70s, 80s & 00s. Specifically, 54% of owners own a property built before 1979, 22% of owners own a property built from 1980 to 1989, 17% built from 1990 to 1999, 23% from 2000 to 2009, 6% from 2010 to 2019 and 2% of owners own a property built from 2020 to 2025.
Regarding square footage, the majority of homes belong to the middle class, reflecting a typical household with "measured" housing needs with the average number of square meters being 89.8. Specifically, up to 50 sq m. is stated by 14%, from 51 to 80 sq m. 35%, from 81 to 120 sq.m. 37%, from 120 sq.m. to 200 10% and over 200 sq.m. are stated by 4% of the survey participants.
Home Renovations in the Last 5 Years
Renovation remains among the priorities of the owners, with almost 1 in 2 having carried out work in the last 5 years, while 56% of the owners have not proceeded with renovation. The average number of properties renovated in the last 5 years is 1.6, while the most frequent interventions concern bathroom renovation and the replacement of frames or insulation (total 11%, kitchen 14%, bathroom 18%, frames/insulation 17%, electrical/plumbing 10%, Energy Upgrade 7%). It is noted that the research shows that renovation pays off as the average annual income from real estate is almost double for those who have renovated their home.
The burden of housing costs and rents
Almost 1 in 3 property owners has an active mortgage on their main residence, with an average monthly payment of around 500 euros. However, almost all Greeks recognize that there is enormous pressure on housing costs. At the same time, they point out that rent prices are too high in relation to incomes. Specifically, 64% of participants strongly agree with this view, 20% agree somewhat, 10% neither agree nor disagree, 2% rather disagree, 1% disagree strongly and 2% do not know.
However, the majority "assigns" the solution to the State, as 34% strongly agree with the proposition "The state would help with the housing issue if it provided tax incentives so that undeveloped properties could be made available for rent", 38% agree somewhat, 19% neither agree nor disagree and 4% rather disagree or strongly disagree.
Real estate as an investment
It is worth noting that based on the results of the survey, opinions are divided regarding the investment value of real estate, with only 1 in 3 Greeks considering it safe. Specifically, to the question "Where do you classify real estate as an investment?" 35% answer "safe", 8% "high risk", 42% "medium risk", 5% answer that it is "not an investment" and 10% "I don't know".
However, short-term rentals are gaining ground thanks to tourism, but 4 out of 10 see them with reservations as unstable. Specifically, to the question “Do you consider investing in a property that is on short-term lease a good investment?” 58% answer “yes” as it is linked to tourism and 42% “no”, as the rent is not stable. On the other hand, despite the investment opportunities, the strong emotional bond keeps property “unavailable” for a significant portion of the public. Specifically, to the question "If in the next few years the value of your property increased by more than 20% compared to today, would you consider selling it?", 15% answered "Yes to collect the return", 35% "No as there is emotional value/attachment", 36% "Maybe if I can find another property to buy" and 14% do not know.
Future Moods and Outlook
Almost 1 in 5 Greeks is considering the possibility of acquiring a property within the next 1-2 years, in a market where most already own property and the general climate encourages restraint. To the question “do you intend to buy a property within the next 1-2 years?”, 69% answered “No, I am not currently thinking of buying a property”, 14% “I do not know what I will do”, 9% “Yes, I am thinking of buying a property for my own use” and another 9% “Yes, I am thinking of buying a property to use as an investment”.
Source: OT – Economic Postman
