Greeks go cold on property; ownership rate drops

The rate of home ownership in Greece has fallen sharply since precrisis levels and looks to keep dropping with a growing number of properties coming onto the market, according to research results published Monday.

The research, conducted by Kappa on behalf of property group POMIDA, show that property ownership fell to 73.9% in 2018, from 81.6% in 2006. This looks to further decline as one in two surveyed believe that it is more beneficial to rent rather than own property, the survey found. Additionally, a third of home owners intend to sell their property in the next two years, versus 12.3% that were looking to sell in 2006.

Despite the drop, home ownership in Greece remains one of the highest in Europe where the average is about 70%. Research data from shows that home ownership in the EU is highest in Romania at 96% and lowest in Switzerland at 42.5%.