Empty flats are few and old
Vacant properties do not suffice to resolve the housing problem, especially in the capital
Whoever harbored high expectations from a scheme to bring more vacant properties onto the market by offering incentives to their owners, as a solution to the housing shortage problem better think again.
A detailed analysis of the data collected by the Hellenic Statistical Authority (ELSTAT) during the recent census estimates there are 793,884 closed properties. Of these, however, only 406,859 are available for rent and another 59,530 are for sale.
They are also scattered all over the country. In Attica, where the main housing problem is located, there are only 255,298 empty houses and of these, only 151,945 are available for rent or sale.
Their location is crucial: At least half are in central Athens. Anyone expecting to find an empty apartment in the northern suburbs should know that they only number 11,150 there. About 15,528 properties are available in the southern suburbs and only 9,188 in the east.
The main issue is that most of these properties are very old and require extensive repairs before they can be put back on the market. The following statistical finding is telling: Of the 6.6 million homes recorded by the census across the country, only 27,754 are built after 2016 and are not being used as a main residence. This does not necessarily mean that they are also empty, as in the classification ELSTAT includes both secondary residences and holiday homes.
The conclusion is that the number of vacant houses available for rent are far below the original 793,884. They are also old in the vast majority are scattered throughout Greece. The fact that these figures were collected in the 2021 census intensifies concerns, as three years of worsening housing problems and rising property prices and rents have elapsed since then, almost certainly encouraging the owners of the closed apartments to put them back on the market, before the new scheme was launched.
This means that despite the strong financial and tax incentives, it is likely that no more than 9,000-10,000 owners will step forward in the next 14 months that the incentives remain in force.
