Greece has recorded one of Europe’s largest declines in young homeownership, with the share of people in their 30s who own their main residence falling from 78% in the mid-1990s to 58% in the latest comparable data. The 20-percentage-point drop was second only to Ireland among the European countries examined in an OECD (Organisation for Economic Co-operation and Development) comparison.
Ireland recorded the largest decline, falling from 81% to 53%. Homeownership among people in their 30s also dropped from 74% to 56% in the United Kingdom and from 77% to 60% in Spain. Across the wider study, ownership rates declined in 17 of 24 OECD countries, with lower-income young adults particularly affected.
The findings, drawn from the OECD Employment Outlook 2025, compare the mid-1990s with the latest available pre-pandemic data or figures from 2022-23. The OECD describes the broader trend as: “Younger generations are less likely to own a home than they were three decades ago.”
Why Greece’s young homeownership rate has fallen
Greece’s housing difficulties reflect several economic pressures. An OECD report published in August linked barriers facing younger buyers to restricted mortgage access following the 2008 financial crisis, high housing costs and relatively low wages.
It also identified growing competition for rental properties in tourist areas, where short-term rentals and foreign property investment have contributed to rising housing costs.
Property prices continue to increase. According to the Bank of Greece, apartment prices rose 5.5% nationwide in the second quarter of 2026 compared with a year earlier. Athens recorded a 5% increase, while prices in Thessaloniki rose 4.7%.
Housing pressures have also delayed independent living. OECD data show that about 74% of Greeks aged 20 to 29 live with their parents. Separately, Eurostat reported that Greeks left their parental homes at an average age of 30.9 years in 2025, compared with 26.3 years across the European Union.
Government expands housing support as prices continue rising
Greece has introduced subsidized mortgage programs to help eligible households purchase their first homes. The OECD reported more than 8,900 approved applications under the original “My Home” program and more than 15,000 under its second phase, launched in January 2025.
The government announced a third phase in September, with a planned budget of 2 billion euros ($2.28 billion) and eligibility extended to people up to age 55. The program is expected to begin in early 2027.
However, the OECD has also identified a shortage of affordable rental housing and difficulties bringing unused properties back into residential use. These problems leave younger households with limited alternatives as they try to save for a home.
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