IMF study on Greek Real Estate draws on Spitogatos data

The analysis by the International Monetary Fund (IMF) concludes that the housing affordability problem in Greece is not solely due to a shortage of housing, but primarily to significant mismatches between supply and demand, as well as to the way available housing stock is distributed.

Despite the fact that Greece has one of the highest rates of housing units per capita in the European Union, pressure on households continues to intensify. According to the report, asking prices for housing have increased by approximately 85% since 2016, while disposable income has risen by only 47% over the same period.

As a result, in 2025 the median housing cost exceeded one-third of household disposable income, while around 40% of households now spend more than 40% of their income on housing-related expenses.

Significant regional disparities

Data from Spitogatos show substantial differences in property prices across regions, with Attica, Thessaloniki, and popular tourist destinations recording significantly higher price levels compared to the rest of the country.

The report notes that these disparities exacerbate inequalities in access to housing and limit options for lower- and middle-income households.

Housing stock misaligned with demand

Particularly noteworthy are the findings on the structure of housing supply. Despite an increase in available listings, the average time a property remains on the market is approximately eight months for sales and six months for rentals.

At the same time, more than 55% of properties for sale have asking prices above €200,000, a level considered unaffordable for a large share of Greek households.

In the rental market, the average asking rent stands at €575 per month nationally and €785 in Attica.

Furthermore, one-third of available homes for sale exceed 120 square metres, while demand has shifted toward smaller and more affordable units. Similarly, in Athens and Thessaloniki, only 30% of available rental properties are smaller than 60 square metres, a share significantly lower than the roughly 55% observed in the rest of the country.

The role of short-term rentals

The report dedicates a separate section to the impact of short-term rentals on the housing market.

According to data used by the IMF from Spitogatos, INSETE, and ELSTAT, short-term rental listings increased by 240% between 2017 and 2024, reaching 230,000 properties—approximately 3.5% of the country’s total housing stock.

The analysis finds that the high concentration of short-term rental properties is associated with higher purchase and rental prices, as well as reduced availability of long-term rental housing in high-demand areas.

Energy costs and policy recommendations

Beyond purchase and rental prices, the IMF also highlights the high energy costs of Greek housing. As noted, Greek buildings consume approximately 65% more energy per square metre compared with those in Portugal, placing a significant burden on household budgets.

Based on its findings, the IMF proposes a package of policy measures including reforms to joint ownership arrangements, targeted restrictions on short-term rentals, strengthening of social and affordable housing, and measures to improve productivity in the construction sector and address labour shortages.

The report concludes that addressing Greece’s housing crisis requires a combination of policies that improve both the quantity and allocation of available housing stock, taking into account actual demand patterns and regional market specificities.