A study by the Center for Liberal Studies (KEFiM), based on 2024 Eurostat data, highlights the unsustainable surge in housing rents in Greece and particularly in greater Athens. The findings reveal a stark reality: renting a home has become financially unviable for the average household.
In the Attica region, the rent-to-income ratio for a typical 60 sq.m. (one-bedroom) apartment has reached 70.2%. For a larger 75–95 sq.m. (two-bedroom) apartment, the ratio skyrockets to 93.6%. In contrast, the European Union averages for these categories are significantly lower, at 31–34% and 46%, respectively.
The wage gap
The crisis is driven primarily by the stagnation of Greek wages compared to European averages.
Average Full-Time Salary (Greece): €1,500
Average Full-Time Salary (EU): €3,317
While Athens’ rental prices—averaging €1,050 for one-bedroom and €1,400 for two-bedroom units—are comparable to other EU capitals, the vastly lower purchasing power of Greek workers makes these prices prohibitive. Essentially, renting a standard two-bedroom apartment in Athens now requires nearly an entire average monthly salary.
Future outlook for housing rents in Greece
The situation has deteriorated rapidly. Even during the 2015 financial crisis, the rent-to-income ratio for a one-bedroom apartment in Athens was 41.6%. By 2024, this spiked to 70.2%. Furthermore, 2025 data shows no signs of a slowdown; Greece recorded the second-highest rent increase in the EU (10.1%), surpassed only by Croatia.
According to KEFiM, the recent rally is fueled by:
- Increased demand from tourism and short-term rentals (Airbnb).
- Limited supply of new housing due to the decade-long construction freeze.
- Foreign investment driven by the “Golden Visa” program.
- A high number of vacant/closed properties kept off the market.
Nikos Rompapas, President of KEFiM, emphasizes that addressing the crisis requires policies that boost housing supply and support vulnerable households, rather than “populist and ineffective measures like rent caps.”
Related: Greece’s Real Estate Crisis: Why Housing Supply Has Collapsed