Greeks are facing a daunting challenge in the housing market, with soaring property prices making homeownership a distant dream for many. In Athens, it now takes an average worker 11 years' wages to afford a modest 60 square metre apartment, reflecting a steep increase in housing costs amidst stagnant incomes.
Despite Greece's relatively low price per square metre compared to other European countries, the affordability gap remains substantial. The housing market's affordability crisis is palpable, with citizens forced to settle for smaller living spaces than desired, both in rental and owned properties.
Regarding price per square metre, Greece's housing market ranks among Europe's most affordable, with an average of €2,200/sqm, surpassed in affordability only by Latvia, Romania, and Bulgaria.
Conversely, Switzerland boasts the most expensive market, with an average price of €15,000/sqm. However, due to significantly higher salaries, property purchases by citizens are ultimately more affordable compared to Greece, particularly in Athens.
A survey by Metron Analysis paints a grim picture of public sentiment, with the majority feeling economically disadvantaged and pessimistic about the future. Rising rental prices have compounded financial strain, with many expressing scepticism about the likelihood of owning a home in the near future.
(Source: Kathimerini)