According to this year’s “Housing in Europe” study by Eurostat, Greece is the leader among EU countries in housing cost overburden rates (housing costs representing more than 40 percent of disposable income).
In 2022, overburden rates reached 27.3 percent in Greece compared to the 10.6 percent EU average. In other words, the average share of disposable income dedicated to housing costs in the country was 34.2 percent whereas the EU average stood at 19.6 percent. The data showed that 72.8 percent of Greeks lived in houses they owned.
Denmark (22.5 percent), while the lowest in Slovakia (2.3 percent and Croatia (2.6 percent)
The latest data from EUROSTAT sheds light on the state of housing in EU member states, revealing statistics regarding homeownership rates, housing sizes, quality, and the financial burden related to housing.
Greece’s negative lead extends to rural areas, as it tops the list (24.2 percent) in relative terms, followed by Bulgaria (18.1 percent). Conversely, Malta (0.2 percent) and Cyprus (0.5 percent) are at the lowest percentages, with the European average at 6.6 percent.
Investment in Housing
The data regarding the share of housing costs in total disposable income in the EU show that 19.6 percent of disposable income is allocated to housing costs, with higher percentages observed in Greece (34.2 percent), Denmark (25.4 percent), and Germany (24.5 percent).
Homeownership vs. Renting
Regarding homeownership rates, 69 percent of the EU population resides in dwellings they own, while the remaining 31 percent live in rented apartments or houses. Romania (95 percent), Slovakia (93%), Croatia and Hungary have the highest homeownership rates. In Greece, 72.8 percent of the population owns their residence.
Regarding the type of dwelling, 52 percent of the EU population lives in houses, while 58.2 percent of Greeks reside in apartments, and 41.8 percent in houses. Countries with the highest house residency rates are Ireland (89 percent), the Netherlands (79 percent), Croatia, and Belgium (77 percent).
Compared to the EU average, housing costs significantly differ among member states. Ireland (112% above the EU average), Luxembourg (87 percent), and Denmark (82 percent) reported the highest housing costs in 2022, while Bulgaria (63 percent below the EU average) and Poland (60 percent) had the lowest.
Source: to vima.com
Latest News
Developing the Blue Carbon Economy in Greece
Can Greece make money by protecting its marine environment?
EIB Appoints Greece’s Ioannis Tsakiris as New VP
Ioannis Tsakiris started the new role May 1 after spending 15 years at the European Investment Fund (EIF) and serving as Greece’s Deputy Minister for Development and Investments
Two Greek Beaches in Top 50 in the World
Both Greek beaches were on the list of the best beaches in Europe too
Eurostat: Greece 20th out of 26 European States in Hourly Average Wage
According to figures released by Eurostat, the Benelux Grand Duchy of Luxembourg, one of Europe’s hubs for finance, is in first place
Greek Property Renovation Surge amid Economic Constraints
This has led to a notable escalation in renovation costs, with average prices per square meter exceeding previous norms and reaching even 1,000 euros in premium locations
RRF: Additional €5.1bln Funds for Subsidies to Greece in 2025
By April 22, funds totaling 5.75 billion euros had been transferred for approved projects of the Recovery Fund to entities within and outside the general government and final recipients
OECD: Greek Economy Resilient with 2% Growth Forecast for 2024
However, the OECD highlights challenges including the need to enhance productivity and fiscal adjustment due to high debt levels.
Challenges and Delays in Greece’s Hydrocarbon Exploration
Sources disclose that the petroleum companies holding the concessions are seeking partners to jointly invest and share the costs of exploration and drilling.
Greek Beach Visitors Can Report Violations on New ‘MyCoast’ App
Greek authorities hope the newly-launched, free ‘MyCoast’ app will help clamp down on public beach violations
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%