Karadimitriou, N; (2024) The transformations of Athens’ housing market. In: Athens: A Rapidly Changing Metropolis in the European South. (pp. 79-91). Routledge: London, UK.

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Abstract

This chapter discusses the structural transformation of housing provision in Athens since the 2008 public debt crisis. After a collapse in supply during the 2010s, housing production never really picked up significantly. Investment in housing development is attracting around 1/6 of the capital flows it used to before the crisis. This is largely due to the drop in income and savings of Greek households and the tax regime and institutional issues which make long-term asset ownership and long-term rental unattractive. The combination of low supply with growing foreign direct investment in residential real estate which is attracted by the significant short-term rental and capital appreciation opportunities has propped up housing prices and rents significantly. This conundrum has led to a brewing affordability crisis. It is still early to say what impact recent measures aimed at supporting households to access owner-occupation had. However, given the causes of the current affordability issues in Athens, a significant increase in the supply of housing for owner-occupation and (social) rental might be needed.

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