Home prices in Greece could fall by as much as 25% if a significant portion of the country’s roughly 1.8 million idle properties were returned to the market, according to a new study by the Parliamentary Budget Office.
The research paper, titled “House Prices and Marketable Housing Supply in Greece: A Housing Utilization Perspective,” was authored by economists Stelios Giannoulakis and Michael Stavrakas, along with office coordinator and economics professor John Tsoukalas.
The study identifies a striking paradox: Greece has one of the largest housing stocks per capita in the European Union, yet access to affordable housing is steadily worsening. According to the 2021 census by the Hellenic Statistical Authority, roughly 34% of Greek homes stand vacant – but the researchers caution that not all of those properties can immediately enter the market.
Between 2011 and 2021, the total housing stock grew by 3.5%, yet properties available for long-term rental fell by 10.4% and homes listed for sale dropped by 33.1%. Over the same period, the number of dormant homes climbed from 1.71 million to 1.81 million.
Many of these properties remain off the market due to unresolved inheritance disputes, poor structural condition, energy inefficiency, or other legal and technical obstacles.
