Housing Crisis in Greece: When Housing Becomes an Investment Product

The housing crisis in Greece is transforming the right to housing into an investment product, destabilizing the social fabric. Finding affordable housing has evolved into a deep crisis, with homeownership no longer a safety net.

The real estate market has become a magnet for investment funds and foreign capital, with programs like the 'Golden Visa' accelerating this process. The inflow of capital increases property values, leaving the average Greek worker out of the market.

The uncontrolled spread of short-term rentals has changed the character of neighborhoods, reducing available homes for permanent residence and skyrocketing rents. Permanent residents are displaced as owners prefer the returns from tourism.

The absence of a social housing policy exacerbates the situation. Fragmented interventions and allowances do not address the root of the problem, while subsidies often fuel price increases.

Young people are trapped in their childhood rooms, unable to become independent. Job insecurity and the threat of eviction create an environment of anxiety. Drastic policy interventions are needed, such as restrictions on short-term rentals and a generous social housing program.