Buying a property for young people in Greece seems like a big challenge, as evidenced by the data from Eurostat. Compared to their European peers, young Greeks face increased difficulty in acquiring housing, mainly due to low wages and job uncertainty, the newdeal real estate group says in its briefing note.

Delayed Independence

In particular, according to Eurostat data, young people in Greece leave their parental home at an average age of 30.7 years, while in the EU the average is 26.3 years. The countries with the highest age of independence are Croatia (31.8 years), Slovakia (31), Spain (30.4), and Bulgaria with Italy (30 years). In contrast, young people in Sweden and Finland leave the parental home much earlier, under the age of 23.

Residence in Overcrowded Households

Greece records high percentages of young people living in overcrowded households, i.e. households that do not have the necessary number of rooms for their members, as stated in the information note. In 2023, the percentage of young people aged 15-29 living in such households reached 46%, while for the total population it was 27.5%. In the EU, the corresponding figures are 26% for young people and 16.8% for the total population.

The Difficulties of home ownership

As the newdeal real estate group reports in Greece, acquiring a residence has become extremely difficult, especially if compared to the situation two decades ago. Wages remain low, economic insecurity is acute, and crises and revaluations are further exacerbating the situation.

The rate of home ownership has decreased significantly since 2005, when home ownership was the main dream of most Greeks. Today, however, that goal seems increasingly distant.

Greece presents one of the biggest discrepancies compared to the rest of the EU countries, as the percentage of young people who manage to acquire their own residence is significantly lower.