Greece has more than 2.2 million vacant homes, accounting for 34.5% of the country’s total housing stock—one of the highest rates in Europe, according to a study by the Parliamentary Budget Office based on data from the 2021 ELSTAT census.
The study’s authors note that the problem in the Greek housing market is linked not only to a lack of new construction but also to the low utilization rate of existing housing stock. While the total number of residential properties increased by 3.5% between 2011 and 2021, the number of homes available for long-term rent decreased by 10.4%, and those listed for sale fell by 33.1%. The number of inactive vacant properties—those not offered for either rent or sale—rose to 1.81 million.
The category of vacant housing includes not only potential properties for purchase or rent, but also second homes, summer cottages, older housing stock, properties in rural areas and on islands, as well as real estate taken off the market due to legal, inheritance, or technical issues. Among the reasons why housing does not return to the market, the study cites inheritance disputes, unclear ownership status, legal complications, high renovation costs, low energy efficiency, and limited demand in certain regions.
For investors, this market structure creates opportunities primarily in the segments of older housing stock, redevelopment, and renovation. Properties that remain vacant due to owners’ reluctance to invest in modernization may enter the market at a discount; however, their investment appeal depends on the total cost after renovation and the potential market price upon sale or long-term lease.
Government support for renovation could be an additional factor. Greece is preparing a housing modernization program worth approximately 500 million euros, which is intended to help return some of the vacant properties to the housing market. According to Greek media reports, the program provides subsidies for repairs and energy efficiency, and eligibility checks are to be conducted via the gov.gr platform.
At the same time, investors should factor in the risk of price adjustments. According to the study’s authors, if the share of vacant and inactive housing returns to 2001 levels within approximately six years, real housing prices in Greece could fall by 15.5–24.6%. This does not imply an automatic collapse of the entire market; however, overvalued properties and locations with limited demand may prove to be the most vulnerable.
The Greek real estate market continues to appreciate for now, but the pace of growth is slowing. According to the Bank of Greece, apartment prices rose by 5.7% year-over-year in the first quarter of 2026, following increases of 8.1% in 2025 and 9.1% in 2024. In Athens, growth in the first quarter was 5.2%, and in Thessaloniki, 6.4%.
Relying solely on short-term rentals and the Golden Visa program as the sole rationale for a transaction remains a risk. Research indicates that the impact of short-term rentals on the market as a whole may be limited; however, in central areas of Athens and Thessaloniki, as well as popular tourist destinations, they are increasing pressure on the long-term housing market. Therefore, a high-quality asset is not a property purchased solely for a residence permit or Airbnb purposes, but rather a property with a clear legal history, an estimated renovation cost, and sustained demand once it is brought to market.
According to Serbian Economist, North Macedonia plans to build a high-speed railway from the border with Serbia to the border with Greece by 2031, which should integrate the country into the new Athens–Thessaloniki–Skopje–Belgrade–Budapest–Vienna transport corridor. The project is of direct importance to Serbia, as its effectiveness depends on the modernization of the Serbian sections between Belgrade and Niš and the future Niš–Skopje route.
North Macedonia’s Deputy Prime Minister and Minister of Transport, Aleksandar Nikolovski, stated in an interview with MIA that Skopje plans to build a line “from border to border,” that is, from the border with Serbia to the border with Greece.
This involves the development of Railway Corridor 10, which is intended to connect Greek ports and North Macedonia with Serbia, Hungary, Austria, and onward to Central Europe. Nikoloski stated that the goal of the project is to build a high-speed railway from Athens through Thessaloniki and Skopje northward to Belgrade, Budapest, and Vienna, which will “completely transform the structure of the economy and business” in the region.
According to the North Macedonian Ministry of Transport, the project is set to become one of the largest infrastructure projects in Southeast Europe. Nikoloski previously stated that passenger trains on the future line should travel at speeds of up to 250 km/h, and freight trains at up to 140 km/h, with 750-meter-long freight trains compliant with European standards being a key feature.
The cost of the Macedonian section is estimated at approximately EUR2 billion.
The project is currently in the preparatory stage. According to Nikoloski, the most suitable route has been selected from several options, and planning, geotechnical studies, and an environmental impact assessment are currently underway. The new route is expected to be approximately 35 km shorter than the existing one, which is particularly important for freight transit between Greek ports and Central Europe.
The Serbian component is key to the entire scheme. If North Macedonia connects its borders with Greece and Serbia but the Serbian section is not modernized, the project’s impact will be limited.
Therefore, Belgrade–Niš–Skopje is becoming the central missing link in the vertical transport corridor from the Aegean Sea to Central Europe.
Serbia is already modernizing the Belgrade–Niš railway. The EUR 2.2 billion financial package from the EU, EIB, and EBRD provides for the upgrade of the line to allow trains to travel at speeds of up to 200 km/h. The package includes an EU grant of up to EUR 598 million, an EIB loan of EUR 1.1 billion, and an EBRD loan of EUR 550 million.
In the northern part of the route, the Belgrade–Budapest section is already under development. The Serbian section of the Belgrade–Novi Sad line was opened earlier, and the further connection to Hungary is set to become part of the broader Budapest–Belgrade–Skopje–Athens corridor. However, the launch of service along the entire line to Budapest depends on the readiness of the Hungarian section and technical certification.
For Serbia, the new Macedonian project opens up an important economic prospect. If the entire Athens/Piraeus–Thessaloniki–Skopje–Niš–Belgrade–Budapest–Vienna corridor is modernized, Serbia could strengthen its role as a transit and logistics hub between Europe’s southern ports and Central European markets.
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Over the past three years, Turkish investors have invested approximately EUR614 million in Greek real estate, significantly strengthening their presence in the housing market of their neighboring country. According to experts, the main motivation for buyers from Turkey has been the desire to protect their capital from high inflation, currency fluctuations, and domestic economic uncertainty. For them, Greek real estate serves not only as an investment asset but also as a way to gain access to the European residency program.
An additional factor is the Golden Visa program, which allows citizens of non-EU countries to obtain a residence permit in Greece through investment. Depending on the property and region, the minimum investment threshold ranges from EUR250,000 to EUR800,000, and the residence permit itself is issued for five years with the possibility of renewal provided the investment is maintained.
The growth in interest from Turkish buyers is particularly noticeable against the backdrop of an overall decline in foreign investment in Greek real estate. According to the Bank of Greece, foreign investment in this sector fell by 22% in 2025—to EUR2.05 billion, down from EUR2.75 billion the previous year. Despite the decline, 2025 remained one of the strongest years for the market in terms of foreign capital inflows.
For Greece, Turkish demand has a dual effect. On the one hand, it supports developers, the secondary housing market, and investments in tourist areas. On the other hand, it increases pressure on prices, especially in Athens, Thessaloniki, on the islands, and in coastal locations, where supply is limited and local residents are already facing housing affordability issues.
Turkish investors’ interest is also linked to geographical proximity. Greece is perceived as a familiar and relatively close market: tourism and business ties are developing between the countries, and the Greek islands remain a popular destination for Turkish citizens. Reuters previously reported that Greece had extended a simplified visa regime for Turkish citizens to a number of Aegean islands, which further bolstered ties between the two markets.
In the near future, Turkish capital is likely to continue playing a significant role in the Greek market.
Greek authorities are tightening controls on fraudulent schemes in the Golden Visa program following the issuance of a new circular, No. 1/2026, by the Ministry of Migration and Asylum. According to explanations regarding the circular and reports in industry publications, Greek authorities will now forward information about misleading advertising and fictitious investment deals to the AADE tax authority and the Greek anti-money laundering agency, and confirmed violations may result in sanctions up to and including the revocation of the investor’s residence permit.
The reason for tightening controls was schemes in which investors were formally shown a property that met the program’s minimum threshold, but part of the funds was then effectively returned through hidden discounts, prepaid lease agreements, compensation for furniture, or cash payments. Industry experts note that following the increase in program entry thresholds in September 2024, the market saw a rise in advertising offers for properties priced below the legally established minimum, which drew additional attention from the authorities.
The new circular is broader in scope than mere anti-fraud measures. According to explanations from lawyers and the industry press, the document also resolves discrepancies in the application of rules among regional offices, clarifies the application submission process, and establishes stricter oversight of whether properties and applicants meet program requirements. This is intended to simultaneously increase the predictability of administration and intensify pressure on questionable schemes.
This tightening comes amid continued high demand for the Greek Golden Visa. According to data cited in industry publications, the number of approvals reached 8,879 in 2025, nearly doubling from 4,535 the previous year. This makes the program one of the most sought-after in Europe, thereby increasing incentives for abuse in the real estate market.
Ivan Verbitsky, Ukraine’s Deputy Minister of Culture, discussed with Pantelis Alexandros Dimitrakopoulos, the Ambassador of the Hellenic Republic to Ukraine, the development of bilateral cooperation in the cultural sphere, particularly the preservation of cultural heritage, the exchange of expertise, and support for Ukrainian specialists.
According to a statement from the Ministry of Culture, the Greek side proposed launching cooperation with the European Center for Byzantine Studies, which specializes in the preservation of monuments, icons, and mosaics.
“We aim not only to talk about cooperation but to move toward concrete actions. In particular, we are considering the possibility of cooperation with the European Center for Byzantine Studies, which possesses the relevant expertise. We are ready to host Ukrainian specialists and cover the costs of their internships,” the press service quoted the ambassador as saying.
It is noted that the parties paid special attention to the issue of honoring the historical figure of Alexander Ypsilanti, who is associated with Ukraine.
In addition, the interlocutors exchanged views on potential cooperation within the framework of international cultural events, as well as the prospects for developing academic cooperation in the field of Ukrainian studies.
Ukrainians’ attitudes toward Greece are showing a moderately positive trend. According to the results of a public opinion poll conducted in March 2026 by the research company Active Group in collaboration with the Experts Club information and analytical center, the share of positive assessments stands at 52.7%, which is higher than the August 2025 figure (47.7%). At the same time, the level of negative perception remains low and fluctuates around 2.6% (compared to 2.3% previously).
The breakdown of responses indicates a predominance of moderately positive attitudes. 16.8% of respondents chose the option “completely positive,” while another 35.9% selected “mostly positive.” Thus, more than half of Ukrainians generally view Greece positively, although the intensity of this attitude remains less pronounced than in the case of leading European partners.
At the same time, a key feature is the significant share of neutral assessments—43.1%. This indicates that for a significant portion of Ukrainian society, Greece does not fall into the category of countries with a clearly formed emotional image. Negative assessments remain marginal: 2.6% of respondents indicated a “mostly negative” attitude, while the share of “completely negative” assessments is virtually nonexistent. Another 1.6% of respondents were undecided.
Comparative trends show that over the past six months, attitudes toward Greece have become more positive, though the changes are gradual. The increase in positive assessments occurred without a significant rise in negative ones, indicating a gradual strengthening of the overall perception of the country without sharp fluctuations in public opinion.
The high proportion of neutral responses indicates limited intensity of contact or informational influence. In such cases, positive dynamics develop more slowly than in countries that have a more noticeable presence in the political, economic, or humanitarian spheres for Ukraine.
“The results regarding Greece show that Ukrainians do not form strong opinions where interaction is less intense. In such cases, we see a combination of a moderately positive attitude with a large proportion of neutral responses. This means that the country’s image is still in the process of formation,” noted Oleksandr Pozniy, director of the research company Active Group.
Overall, the survey data indicate that Greece is gradually strengthening its position in Ukrainian public opinion, though the country’s level of engagement and influence on perceptions remains moderate. The primary potential for further improvement lies in shifting from a neutral to a more clearly positive perception.
According to a study conducted by the Experts Club information and analytical center based on data from the State Customs Service, Greece ranks 18th in total trade volume with Ukraine, amounting to $1.92 billion. Imports from Greece significantly exceed exports from Ukraine, resulting in a trade deficit of over $1.13 billion.
The study was presented at the Interfax-Ukraine press center; the video can be viewed on the agency’s YouTube channel. The full version of the study can be found at this link on the Experts Club analytical center’s website.
ACTIVE GROUP, EXPERTS CLUB, GREECE, Pozniy, SOCIOLOGY, SURVEY, UKRAINE, URAKIN
