Expensive: Greeks struggle to pay rent

According to the latest Eurostat data, Greece ranks first in Europe for the number of people struggling to pay rent.

This is about 26.1% of the population, which puts the country in the worst position among European countries. This problem is associated with a number of factors that worsen the economic situation of households, such as low incomes, the economic crisis and the constant increase in rental prices.

About 26.1% of Greeks have difficulty paying rent

One of the main reasons is the significant increase in real estate prices combined with low wages. Despite the economic recovery of recent years, wages remain stable or rise slowly, while housing costs have increased. As a result, a significant portion of citizens spend more than 40% of their income on rent, which is especially high by European standards.

Rent

The multi-year financial crisis in Greece, which began in 2009, had a serious impact on the labor market, causing unemployment to rise and disposable income to decline. Although the unemployment rate has fallen in recent years, the financial situation of many households remains precarious. In addition, austerity measures introduced during the crisis led to cuts in social benefits and financial support for citizens, leaving many Greeks exposed to rising property prices.

A significant part of the Greek population resorts to the help of friends, relatives or bank loans to cover rent payments. In 2023, more than a quarter of Greeks (26.1%) found themselves in a similar situation, the highest rate in Europe. The situation is especially serious in families with children: 26.3% of these households face difficulties paying rent.

Compared to other European countries, Greece is in a much worse situation. In France, 24.1% of citizens face such difficulties, and in Spain – 17.2%. On the other hand, countries such as Romania (0.3%) and Slovakia (1.1%) have the lowest percentage of citizens struggling to pay rent, due to lower demand and more affordable property prices.

No prospects

The situation in the Greek rental market remains difficult, with limited prospects for improvement. Continued rise in property prices, low wage growth and limited access to housing loans make housing one of the biggest challenges for Greek households. New policies are needed to address this situation, with proposals such as strengthening the social housing system and introducing rent subsidy schemes more urgent than ever.

Greece is facing the biggest housing crisis in Europe, with thousands of families struggling to make rent payments. The problem is multifaceted and requires coordinated action to find sustainable solutions.

Source link