Soaring Rents and Empty Homes Fuel Athens Housing Crisis

Month by month, housing in Athens is becoming more out of reach, placing the Greek capital at the heart of a growing housing crisis that continues to strain the country.

According to recent data from the Municipality of Athens, rental prices across the Attica region have soared by as much as 20% in the first half of 2025 compared to the same period last year. Meanwhile, the cumulative increase in housing prices in Athens over the past eight years (2017–2024) has reached a staggering 90%.

At the same time about a third of the country’s homes sit empty—one of the highest vacancy rates in the EU—with Attica alone counting around 526,000 unoccupied residences.

A Seven-Point Plan from the Municipality

In response to the escalating crisis, the Municipality of Athens has launched a multi-pronged housing strategy based on seven key initiatives aimed at easing the pressure on residents and addressing structural issues in the housing market.

1. Two Housing Programs Underway
With EU funding, two housing programs are underway: one aids low-income youth (25–39), and the other renovates 70 homes for vulnerable families.

2. Pilot Housing Project
A pilot program will renovate a municipal building in partnership with the private sector to offer affordable housing to seven families through a special leasing scheme.

3. Full Audit of Municipal Property
The municipality is conducting a comprehensive audit of its real estate holdings to better understand and manage its assets.

4. New Housing Management Agency
Plans are in motion to create an agency to manage municipal buildings, support social housing, and revitalize vacant properties with a focus on public benefit over private profit.

5. New Housing Observatory and Social Housing Office
Athens will launch its first Housing Observatory and Social Housing Office to track housing trends and support residents in need.

6. Protection of Historic Neighborhoods
The municipality is working to protect neighborhoods like Plaka from unchecked tourism that risks displacing locals.

7. Short-Term Rental Regulations
Due to city pressure, new limits on short-term rentals like Airbnb aim to free up more units for long-term housing.