Housing and energy costs strain youth independence in Greece and Cyprus

Rising housing and energy costs are creating significant economic barriers for young people in Greece and Cyprus, impacting their ability to achieve independence and start families.

In Greece, an OECD report indicates that individuals aged 18–29 spend over 60% of their income on housing, nearly double the European average. High rental costs are compounded by expensive energy bills in older, inefficient buildings. This economic pressure contributes to demographic shifts; births in Greece fell by 4.2% in a single year, and the average age of first-time parents has risen to 32.2 years. Additionally, Greek youths leave their parental homes at an average age of 30.9, compared to 26.3 in the EU.

In Cyprus, rental prices are surging due to high land costs and construction expenses. According to Polys Kourousides, President of the Cyprus Association of Valuers, the most significant price increases are seen in Limassol and Engomi, particularly for one-bedroom apartments. While Limassol faces the highest pressure, lower rental rates are found in Famagusta and Larnaca.