Piraeus Bank: Housing Supply and Demand Gap to Close by 2029

Piraeus Bank has positively revised its estimates for the real estate market. According to new data, the housing supply and demand gap, estimated at 180,000 in 2024, is expected to be closed by 2029.

The bank estimates that approximately 35,000 homes are built annually. According to the updated report, in 2021, the available housing stock, excluding primary residences and short-term rentals, was reduced by 180,000 compared to 2011.

Specifically, between 2011 and 2021, the housing supply increased by 225,000, while demand increased by 405,000 (197,000 homes and 208,000 Airbnbs). Piraeus Bank had published a related study in January 2024.

Specifically:

• In 2021, primary residences increased to 4.3 million from 4.1 million in 2011.
• Holiday homes amounted to 857,000 compared to 730,000 in 2011.
• Secondary residences amounted to 627,000 compared to 622,000 in 2011.
• Homes for sale or rent decreased to 466,000 compared to 543,000 in 2011.
• Vacant and unused homes decreased to 327,000 compared to 355,000 in 2011.

The number of short-term rental properties amounted to 208,000 in 2024.