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The main goal is to make as many old or vacant apartments available as possible
The real estate crisis, caused by a housing shortage, has affected several European countries, including Greece. In response to this issue, the Greek government is preparing to introduce “hundreds of thousands” of old or unused apartments to the real estate market.
Sofia Zaharaki, the Minister of Social Cohesion and Family, emphasized that the main goal is to make as many old or vacant apartments available as possible. “There are hundreds of thousands of them, especially in Athens. Therefore, we plan to launch subsidy programs for energy and aesthetic reconstruction projects in the coming months. Additionally, we will continue implementing various social housing programs,” stated Zaharaki.
This initiative aims to increase the housing supply in Greece to mitigate the impact on price growth. However, it is also noted that the high cost of living and rising credit prices are dampening demand for housing. Some experts anticipate that this will lead to a price correction next year.
This trend is already evident in Europe: according to the latest Eurostat data, housing prices decreased by 1.7% in the Eurozone and 1.1% in the European Union in the second quarter of 2023 compared to the same period last year.