The real estate crisis caused by the housing shortage is affecting several European countries. And one of them is Greece. To counter this trend, the government is looking to release "hundreds of thousands" old or closed apartments on the housing market in the country.
The goal is to realize as many old and long-uninhabited apartments as possible. “They are hundreds of thousands, especially in Athens. Therefore, we will launch programs to subsidize energy and aesthetic renovation projects. This program will begin in the coming months. In addition, we will continue to implement various social housing programs”, said Sofia Zaharaki, Minister of Social Cohesion and the Family.
It is about increasing the supply of housing in Greece to soften its impact on rising prices. But it also notes that the high cost of living and rising borrowing costs are cooling demand for housing, which some experts expect will lead to a correction in prices next year.
This movement is already being felt in Europe, with house prices falling by 1.7% in the euro area and by 1.1% in the European Union in the fourth quarter of 2023 compared to the same period last year, according to latest Eurostat data.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE