EY’s G. Bitzis: housing challenge cannot be solved with a one-size-fits-all approach

Speaking at the panel entitled “Social Real Estate Models: Addressing the Housing Challenge”, Mr. Bitzis stressed that there is no single, universally applicable “formula” for resolving the housing crisis at an international level. As he explained, the most successful approaches are based on a combination of policy interventions, with emphasis on increasing the supply of new housing, activating idle or underutilised housing stock, and establishing permanent mechanisms for managing and expanding the housing inventory.

Referring to the Greek market, he noted that a coherent ecosystem for social and affordable housing has yet to be developed, despite progress made in recent years at the institutional level. “What is required is the effective implementation of a comprehensive strategy,” he said, underlining the need for a national system capable of rapidly increasing housing supply while simultaneously building a permanent stock of affordable units.

According to him, a central role in this strategy should be played by the establishment of a Unified Housing Policy Implementation Authority, responsible for coordination, market analysis, prioritisation of needs, and monitoring project execution. He also placed particular emphasis on the creation of a specialised “Fund-Custodian”, modelled on international social housing revolving funds, which would manage and recycle resources, reduce investment risk, and help attract capital.

Mr. Bitzis further highlighted the importance of local implementation structures, noting that housing needs vary significantly across regions, making a decentralised approach essential.

Regarding investment attraction, he emphasised that “the key lies in improving the financial equation of a project” through gradual de-risking and project maturation. Among the measures that could enhance the attractiveness of the Greek market, he cited reducing land costs through the utilisation of public assets, providing planning incentives, accelerating permitting procedures, and ensuring predictability of cash flows.

“If I were an investor, I would view Greece strategically, provided there are mature projects, clear structures, simplified procedures, and meaningful risk-sharing mechanisms,” he noted.

In closing, he identified as a key objective for the next two years the transition from fragmented measures to a permanent mechanism for scaling implementation, through the creation of the unified authority and the specialised fund. As he stated, the challenge for Greece is not only the design of new policies, but primarily the acceleration of market maturity in the affordable and social housing sector.