In Greece, we use one word to symbolize the safety and security of living in a privately-owned home: keramidi (roof tile).

This symbolic word, combining protection and sentiment, guided generations from post-war Greece through the late 20th century. The phrase “to put a roof over my head” became almost a national obsession, turning homeownership into a cultural fixation.

However, this deeply ingrained tendency has not just weakened in recent years but is unraveling entirely. According to a Metron Analysis study presented at the Hellenic Public Property Conference, homeownership in Greece has plummeted to 61%.

This is a sharp change, especially considering that in 2005, the percentage hit a historic high of 84.6%. Even during the harsh economic crisis and bailout years (2011-2012), homeownership remained at 73%. The current rate places Greece below the European average, something unprecedented.

Further research highlights a generational gap. Over 75% of those aged 50 and older continue to own their homes, but only 30% of young people do. The rest rely on renting.

So, what’s happening? Are Greeks abandoning the idea of owning a “roof tile”? Are priorities shifting? Are they dismantling concepts once seen as sacred, like the family home they grew up in? Or is it simply that they can’t afford to buy homes due to financial constraints? The answer is neither simple nor one-dimensional.

There’s daily reporting on the financial struggles of young people to secure the income necessary for independence, a home, or starting a family. However, the trend toward renting also reflects a broader cultural shift. People now value mobility and are less tied to specific places.

Generation Rent doesn’t just rent because they can’t buy – they often prefer it. Many young people move frequently to adapt to life’s changing circumstances. “It’s now common for young people to switch several homes before settling into one they own,” explains Antonis Markopoulos, founder of the online real estate platform Prosperty.

The shift in lifestyle preferences drives flexibility. For example, someone might live downtown for two years, then move to the northern suburbs for three years, then relocate closer to work or a partner. Criteria often have less to do with rent costs than suitability for lifestyle.

Greeks increasingly view homeownership as something to consider after starting a family, particularly after having their first child.

Attorney and President of the Panhellenic Federation of Property Owners, Stratos Paradias, adds another perspective: “The decline in homeownership is driven both by choice and necessity. Many people, even if they own property, choose not to live in it. Their owned property might not meet their space needs, or it might be inconveniently located.”

This has led to a rise in “dual renting,” where owners rent out their properties and use the income to fund renting elsewhere.

Real estate prices have also risen significantly in recent years, explains Dimitris Melachroinos, CEO of spitogatos.gr. “Demand has remained high despite the price increases,” he says.

Programs like “My Home” boosted demand in 2023 and are expected to continue influencing the market in 2024. They reflect a strong public interest in homeownership opportunities, even in a challenging market.

Mortgage Loans

For many years, the typical route for obtaining one’s own “roof” (keramidi) was straightforward: a trip to the bank and a mortgage loan. In 2005, the peak year of homeownership in Greece, banks disbursed an astonishing €16.5 billion in housing loans. Just a decade later, by 2015, housing credit had plummeted to €480 million. Estimates for 2024 suggest that banks will disburse approximately €1.4 billion for home purchases.

“Certainly, the financial crisis and the high number of non-performing loans severely impacted both the ability of banks to provide mortgage loans and the risks involved,” notes Mr. Melachroinos. “Today, banks have changed their approach. They are more willing to lend but with more mature processes and risk limits, protecting both the banking system and the borrowers.”

However, many Greeks remain wary of mortgages. It’s no coincidence that only 20% of property transactions involve mortgage loans, compared to 55% in Italy, for example.

Mr. Paradias highlights that the portrayal of “red loans” (defaulted loans) relative to overall property ownership in Greece is exaggerated. “Currently, the percentage of owner-occupied homes purchased with loans that have defaulted does not exceed 6%-7% of total ownership. The notion that half or more Greek homes are purchased with unpaid loans and that non-performing loans are the primary issue for Greeks is utterly misleading.”

Ties to the Family Home

The statistics on loans do not align with the high demand for properties. If they don’t intend to live in them, why are Greeks buying homes? “The Greek mindset regarding property purchases has shifted from residential needs to investment purposes,” explains Mr. Markopoulos.

“More and more people prefer to invest in real estate instead of saving money in banks, even in the form of fixed deposits. They believe it is a safer investment that can yield greater returns, even in the short term, compared to interest or other investment options. High rents in recent years have also contributed to this shift. Government initiatives are heading in the right direction and are facilitating this trend.”

On a social level, the issue of family-owned properties is also worth examining. Data shows that Greeks are developing much looser emotional ties with the patriko (family home). According to Mr. Markopoulos, “Younger people are more willing to negotiate the sale of family properties if they don’t meet their needs. In most cases, the proceeds serve as a foundation for purchasing their own homes.”

The Elusive Dream of a Vacation Home

Foreigners now dominate the buyer pool, as Greeks are unable to afford vacation homes and prefer annual holidays in different locations instead.

Vacation homes are a unique feature of Greek society. A remarkable 32.6% of Greek families still own a secondary property that could serve as a vacation home—an extraordinary figure by European standards.

However, this trend is shrinking for well-known reasons. “The market for vacation homes in Greece now caters to very few locals,” says Mr. Markopoulos. “Foreigners primarily view such properties as investments, but in recent years, they’ve also been choosing places to settle permanently after retirement.”

Does this mean Greeks are abandoning their family homes in the village? “They are much more open to considering offers now,” he notes. “If the house has been passed down to them, it often means the original owners, parents or grandparents, are no longer alive. This inheritance also entails maintenance costs.”

According to Mr. Markopoulos, “Youth mobility is a global phenomenon, and Greeks are following suit. If their vacation home is in good condition, they are now much more likely to rent it out short-term to fund their holidays elsewhere.”

“Young people today struggle to acquire their first home, let alone purchase a vacation home—it’s a dream,” emphasizes Mr. Paradias. “Even maintaining existing vacation properties is difficult. Keeping them in a condition suitable for a few days’ summer stay is a challenge. Some are forced to sell them, even against their wishes, because they can’t bear the financial burden.”

As for village homes, the outlook is hardly bright. “If you walk through villages, you’ll see that most homes are empty and neglected. The countryside is becoming deserted, along with its houses. There needs to be immediate governmental action in this area.”

The Hallway and the “Good Living Room” Have Disappeared

Children’s bedrooms have expanded to accommodate both sleeping and studying needs.

While homes are often referred to as “real estate”—something fixed and unchanging—the layout of residences has evolved dramatically over the decades. In the 1950s and 1960s, the average home had a dedicated reception area, a space serving as a dining room and living room, along with a smaller “good” living room—a near-sacred space with sliding doors, opened only for family celebrations or Sunday lunches. Deep within the home lay the bedrooms, bathroom, and kitchen.

Today’s homes are entirely different. The hallway and the “good living room” have vanished as concepts, and families now utilize all spaces more practically.

Children’s Bedrooms

Children’s bedrooms have increased in size to accommodate not just sleeping but also studying and personal comfort. The kitchen, once relegated to a modest corner for meal preparation, has moved to a central location, becoming a showcase for culinary skills. Bathrooms have also multiplied, with a guest WC near the living room now a must-have, and in larger homes, the ratio of one bathroom per bedroom has become common.

During the COVID-19 lockdown, Greeks reconnected with their homes. Forced to spend more time indoors, even working from home, they gained a new appreciation for their home’s strengths and weaknesses. Did this shift their perspective on housing needs? “We see more people wanting to add an extra room to their homes,” notes Mr. Paradias. “A room that can serve as an office and offer some privacy.”

According to data shared by Mr. Melachroinos, “In the post-pandemic period, for around 18 months, there was an increase in searches for larger homes to buy or rent. There was also a noticeable trend toward areas outside urban centers, provided they remained relatively accessible. However, today, in many cases, we’ve reverted to pre-pandemic preferences.”

The Modern “Hearth”: The Sofa

Grandma’s lace doilies have been replaced with flat-screen TVs and modern décor.

For decades, the TV has been the favorite household device for Greeks. According to the Hellenic Statistical Authority (ELSTAT), 99.5% of households own one. From black-and-white models to today’s 52-inch “frames” that can double as art galleries, the journey spans half a century.

The number of screens in homes has multiplied, as have the purposes of the living room. It now serves multiple needs, often including a workspace for remote work and a mini dining area. Yet, “the sofa remains the heart of the home. In the 1970s, it was a button-tufted petrol blue, in the 1980s, a black leather one, and since 2000, a sleek white linen sofa,” explains leading decorator Vangelis Bonios, describing the evolution of this central piece of furniture.

Though trends come and go, the way Greeks perceive their homes remains consistent: “The Greek home is like an emotional container. It holds elements that connect the owner to memories, tradition, or family history, alongside objects collected from travels and personal treasures. After all, grandma’s lace doily, adorning even the most mismatched items, was a way to merge the past with modernity,” says Mr. Bonios.

New Boundaries

The lace doilies have disappeared over the decades, as has the distinction between formal and informal spaces within the home. Locked-away living rooms have opened up, and the boundaries between rooms have dissolved. One of the most significant changes in recent decades has been the removal of walls between the kitchen and the living room. The cooking area has become open and visible, turning meal preparation into a communal experience.

“This rigidity that characterized homes two generations ago no longer exists. Younger people have more freedom of movement and incorporate their personal style—they are less conservative. In the past, social norms dictated having a formal dining table with chairs, a display cabinet, fine china for special occasions, and a ‘proper’ living room. Now, young people follow their instincts, creating more interesting spaces,” states award-winning interior designer and founder of ID Laboratorium, Stamos Chondrodimos.

The “natural Greek light” plays a starring role in all areas of a home, notes Mr. Bonios. Perhaps this is the inspiration for the anticipated shift toward authenticity in Greek home décor. “Beyond shapes and styles, the future will express the uniqueness of each homeowner. It will reflect their personality and what they truly love.”