Buying a house: why Greeks move, what kind of property they choose and where

One in three Greeks who took part in a RE/MAX Europe survey recently conducted in 22 EU countries expressed their intention to move within the next two years.

Regardless of whether they buy or rent, more than 60% of relocation candidates want city apartments. 25% of those expected to move will make their decision based on economic factors, and this percentage is one of the highest in Europe. In this category, about 8% are looking for more cost-effective areas, and 6% are looking to reduce their mortgage or rental costs. At the same time, 26% are looking for a larger property, and one in four are interested in more amenities and security that properties in areas other than where they currently live can offer.

Although 84% of Greeks are already property owners, those looking to move overwhelmingly say they are likely to rent out their next property. Specifically, more than 31% are looking for a long-term lease, only 11% are considering shorter lease terms and 33.9% are targeting a purchase. Every fourth potential buyer considers real estate, giving away preference for urban areas and suburbs. Interestingly, every third respondent who wants to buy real estate will do so to pass it on to friends or family members, and every second chooses it for their own residence.

Cohabitation in Greece is on the rise due to the benefits of living together, with 57% of respondents saying they would consider this option. What tempts the Greeks most in this regard is the more cost-effective shared access to amenities (26.7%) and reduced feelings of isolation/loneliness (22.7%).

In addition, 20% of respondents to the RE/MAX Europe survey considered cohabitation for its flexibility, as it “has greater scope/opportunities/freedoms” than legal marriage.

Importantly, 67% of Greeks who took part in the survey say that would choose shared ownership of housing. For many, it is a way to share maintenance costs (30.1%) and provide access to properties that would otherwise be out of reach (24.9%). Finally, every fourth respondent answered that joint ownership provides an opportunity to purchase a second holiday home (dacha).

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