Housing shortage at 180,000

• 13 September, 25

A Piraeus Bank study estimates the shortage of the residential real estate market at 180,000 housing units, based on data obtained from the analysis of Greece’s last two building stock recordings (2011 and 2021), as well as data from other sources, such as short-term rental accommodation.

According to a relevant updated study by the head of economic analysis and investment strategy at Piraeus Bank, Ilias Lekkos, the housing deficit in the Greek market is now estimated at 180,000 (from 212,000, which was the previous estimate made in January 2024).

Specifically, in the decade 2011-2021 there was demand for 405,000 housing units, of which 197,000 concerned the creation of new households and the remaining 208,000 were short-term rental accommodation that absorbed real estate stock. However, in the same period the supply of new dwellings did not exceed 225,000, resulting in a deficit of approximately 180,000 dwellings.

Taking into account the construction of new dwellings, which does not exceed 35,000 per year, it is estimated that at least five years will be required until the balance in the housing market is restored.

Based on Piraeus Bank data, as derived from the latest census, properties available for sale and rent have fallen to 466,000 from 543,000 in 2011, while the number of empty and unused homes (main residences) has decreased slightly to 327,000 from 355,000 in 2011. The number of holiday homes stands at 857,000 compared to 730,000 in 2011, while in 2021 the number of main residences had increased to 4.3 million from 4.1 million in 2011.

On the other hand, however, it is estimated that approximately 100,000 properties are off the market and remain undeveloped. According to BluPeak Estate Analytics, over 75,000 properties belonging to institutions and public bodies remain inactive, without use or a development plan. In addition, 25,000 properties are blocked in management companies, while hundreds of thousands of homes nationwide are empty and without a development plan. The company also records approximately 6,500 pending inheritances, of which 4,500 remain unclaimed.

Cre: ekathimerini