📊 Data published in early February 2026 by the Hellenic Statistical Authority (ELSTAT) and the Bank of Greece show that between 2019 and 2024 the average cost of residential rent in Athens increased by 52.3%, while cumulative growth in household disposable income over the same period reached only 27.1%. As a result, housing affordability deteriorated significantly.

📉 In 2019, rent expenses accounted for approximately 31% of a household’s net income. By the end of 2025, this figure had risen to 42–46%, well above the 30–35% level considered acceptable across the EU. In large cities, rental housing has effectively become one of the primary expense categories for households.

The sharpest rental growth has been recorded in central Athens districts with high tourist pressure. In Koukaki, Pangrati, Petralona–Thiseio and Exarchia, rental rates increased by 51% to 58% between 2019 and 2025. These areas are among those where the contraction of long-term rental supply has been most pronounced.

🏘️ By early 2026, supply shortages had become a key source of pressure on the market. According to Greece’s Ministry of Social Cohesion and Family, the country faces a deficit of approximately 180,000 housing units, primarily in the long-term rental segment.

The structure of the rental market in major cities and tourist centres has shifted toward short-term accommodation. Data from the Greek Ministry of Tourism and AirDNA indicate that Athens currently has around 38,000 active short-term rental listings, of which approximately 72% are full residential apartments. Regulators estimate that 25,000 to 27,000 apartments previously used for long-term residence have been converted to short-term use. In central areas of the capital, this represents roughly 20% of the housing stock that was formerly available to permanent tenants.

🏝️ In island destinations with strong tourist demand, the concentration of short-term rentals is even higher. As of early 2026, approximately 4,200 units on Santorini, 3,800 on Mykonos, 6,500 on Crete in the areas of Chania and Heraklion, and 3,100 on Rhodes are used in the short-term rental market. In these locations, short-term rentals account for 30–45% of the residential housing stock, directly reducing availability for local residents and long-term tenants.

💶 The economic gap between short-term and long-term rentals remains one of the main drivers of housing displacement. In central Athens, the average long-term rent for an apartment stands at €850–900 per month, while the average short-term rate ranges between €95 and €130 per night. Even at a 50% occupancy rate, monthly revenue from short-term rentals reaches €1,400–1,900, which is 60–110% higher than income from long-term leasing of a comparable property.

Against this backdrop, supply in the long-term rental market remains extremely tight. By early 2026, the share of vacant apartments in Athens was 2.1–2.8%, compared with a 5–7% level generally considered balanced for a healthy market. In central districts, vacancy rates fall below 2%, indicating a persistent structural shortage.

💼 For the investment market, these dynamics signal a clear shift in focus. Following the increase in the minimum investment threshold under the Greek Golden Visa programme from €250,000 to €500,000 in several regions, activity in this segment declined, and part of the housing stock previously aimed at investment migration entered the rental market. However, the volume of this supply proved insufficient to offset the overall housing deficit.