Greece real estate: Rising household wealth amid housing shortages

According to the Bank of Greece Financial Stability Report for October 2026, Greek households are experiencing a paradox of increasing wealth alongside growing difficulties in accessing housing. Net wealth per capita rose by 7.9% year-on-year to €87,600 in the first quarter of 2026, driven largely by the appreciation of existing property values rather than increased disposable income.

Property prices continue to climb, with an average annual increase of 5.7% recorded in the third quarter of 2026. This growth is highly uneven across the country; premium areas like Vouliagmeni see prices exceeding €7,400 per square meter, while regional areas like Kastoria remain below €600.

The report identifies five key issues contributing to the housing crisis: the prevalence of vacant properties, the impact of short-term rentals (Airbnb), multi-ownership complicating management, high renovation costs, and sluggish construction activity. While the number of short-term rental accommodations saw a slight decrease to 203,122 in March 2026, the overall supply of new housing remains insufficient to meet demand, with the construction sector's contribution to GDP remaining low at approximately 2.3%.