A new study by the Athens University of Economics and Business has revealed that Greece’s housing crisis stems not from tourism or short-term rentals, but from the overwhelming number of vacant homes across the country. Over 2.27 million residential units remain unoccupied nationwide, with more than 500,000 of them located in the Attica region, which includes Athens and its suburbs.
In Central Athens, vacancy rates have reached 28%, while popular island destinations such as Mykonos, Paros, and Serifos report vacancy levels between 60% and 80%. Even newly built homes are affected—40% of the 173,624 units constructed in the past 15 years remain empty, including 27,754 homes built since 2016 that have never housed a long-term tenant.
The study challenges the common belief that platforms like Airbnb are the primary cause of housing shortages. Instead, it points to long-term underuse, demographic stagnation, and lack of rental incentives as the main drivers. Ownership complexities, aging infrastructure, and inherited property disputes further contribute to the problem.
Nationwide, Greece has just under 6.6 million housing units, but only 4.3 million are occupied. In apartment buildings, one in four units is empty, and the rate is even higher for single-family homes. In the South Aegean region, 36 out of 45 municipalities report that more than half of all homes are vacant, with Serifos topping the list at 81%.
The report calls for urgent policy action, including financial incentives for long-term rentals, tax breaks for renovations, and urban planning reforms that prioritize occupancy over speculation. Activating Greece’s dormant housing stock could ease rental pressures, reduce inequality, and revitalize communities across both urban and island areas.
