Providing decent housing at an affordable price is no longer a given in Greece, although property here is cheaper than in most countries EU.
And that's because average wages have declined cumulatively since 2010, in contrast to house prices, which began to rise in 2017.
According to a study presented by Cerved Property Services CEO Dimitris Andritsos at the 17th RED MEETING POINT conference and conducted by the company in collaboration with the University of Athens and the University of Macedonia,Average incomes of Greeks today do not correspond to increased housing prices.
For the average employee you will have to spend more than 12 years of income without making any other expenses to buy a two-bedroom apartment of 60 square meters in Athens.
According to the CPS Sustainability Index, the 2021 price level is the upper limit for Greek households.
Based on real estate values and price levels, purchasing “average housing” in 2021 (i.e., an apartment or house with an area of 60 square meters and between 20 and 30 years old) requires 8.5 years of work.
In addition there is limited “real” access to bank lending for Greek households, while current conditions “target” the richest 25% of Greek households, based on disposable income. It does Athens is one of the most expensive cities in the world. As studies show, 42% of domestic households have an average income of less than 20,000 euros.
If we compare income with the average salary and price dynamics since 2018, we will see that the price of an “average” house or apartment starts from 175,000 euros and reaches 274,831 euros, that is, an increase of 57%, despite the fact that the average salary has only increased by 17%.
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