One in seven houses vacant
Untapped property stock in Greece could provide a ready solution to the housing problem
Hundreds of thousands of vacant houses around Greece could theoretically provide a solution to high rents and the housing problem in general the country has been facing in recent years.
According to the 2011 Hellenic Statistical Authority census, almost 900,000 vacant houses (897,968) were recorded as being out of use, i.e. suitable for rent or sale (or demolition), representing as much as 14% of Greece’s total stock of 6,371,901 houses. Notably, if second or holiday homes are included, the number grows to 2.24 million homes, or 35% of the total.
However, it is not clear from these figures how many of these properties are really “closed” and could be rented out relatively quickly, and how many are dilapidated apartments or even entire buildings whose utilization is clearly more difficult. Therefore, it is almost impossible to estimate how many properties could be made available for rent, with the right policies and incentives.
According to the Eteron Institute for Research and Social Change, Greece has “one of the highest rates of vacant housing in Europe, with large concentrations in urban centers.”
“In 2011, the percentage of vacant houses in Athens was 31%, in Piraeus 28% and in Thessaloniki 28.2%. The number of vacant apartments in Attica increased by 77% in 2011 compared to 2001 to reach 132,000. The large number of vacant houses in city centers and the non-utilization of available building resources are scandalous in a period of worsening housing problems,” the institute noted.
Today, as per government figures made public by State Minister Akis Skertsos, 750,000 properties have been declared to the tax authorities as being vacant/closed. According to Eteron, the main reasons are because owners don’t want to be burdened with any problems related to renting (poor cooperation with tenants, rent default, maintenance needs, etc.) or that properties belong to numerous heirs. Also, many assets cannot be rented because they are in a very poor condition and their owners are unable or unwilling to invest in maintenance or repairs.
