Study on market status real estate In the Greek economy, it was published in January 2024, Piraeus Bank, and its main objective was to compare the supply and uses of residential real estate between the 2011 and 2021 censuses.
Through this comparison, it was concluded that the restriction of building activity in the 2011 – 2021 decade, the increase in the number of households as well as the emergence of the short -term lease in the interim had led to a decrease in the number of property available around 212,000.
This study was based on an assessment of the total multitude of residential real estate in 2021 on our part, based on building permits, as well as the number of real estate used for short -term lease.
However, from January 2024 until today, detailed information has been published both on the total number of residential real estate (and their uses) and the number of short -term houses.
Utilizing these latest data we are now in a position not only to evaluate our findings but also to offer a much more detailed picture of the Greek real estate market.
Specifically:
- In 2021 the number of main houses had increased to 4.3 million versus 4.1 million in 2011, leaving a stock available for other uses of 2,278 properties in 2021 compared to 2,250 in 2021.
- The number of cottages is 857,000 versus 730,000 in 2011.
- The number of secondary homes is 627,000 versus 622,000 in 2011.
- The number of homes for sale or rent has been reduced to 466,000 against 543,000 in 2011.
- The number of gaps and unused houses has been reduced to 327,000 versus 355,000 in 2011.
Finally, there is now a number of short -term leasing properties which amounts to 208,000 (2024 elements) and absorbs some of the above stock.
Taking into account all of the above, it turns out that in 2021 the available residential reserve beyond ladies and short -term leasing was reduced by 180,000 compared to 2011.
If we calculate that on the basis of current levels of building activity, approximately 35,000 houses per year are constructed, then this 180,000 lag will be covered, Ceteris Paribus, in 5 years.