Housing as investment in Greece and Southern Europe

Policy Study

As housing markets across Europe face increasing pressures from financialisation, tourism-driven demand, and speculative investment, Greece’s housing sector presents both a unique case and a broader reflection of issues impacting the continent. Can housing be treated simultaneously as a profit-making investment asset in the “free” market and a human right protected by social policies within the same political agenda? What are the outcomes so far, and what are the alternatives?

In response, FEPS, in collaboration with the Eteron, the Friedrich-Ebert-Stiftung (FES) and InSocial, have conducted a Policy Study focused on the housing crisis in Greece with comparative insights from Southern Europe. The research, led by Dimitra Siatitsa, Postdoctoral researcher, National Technical University of Athens (NTUA) and National Centre for Social Research (EKKE) and co-authored by Simone Tulumello, Assistant Research Professor, Institute of Social Sciences, Universidade de Lisboa and Laura Colini, Senior Urban Policy Expert, aims to document current challenges and propose policy recommendations for building a more inclusive and resilient housing system.

In Greece, the absence of public or social housing shifts access to housing entirely to the private market, exacerbating social inequalities and making family wealth a critical factor. Current policies, heavily reliant on demand-side subsidies, fuel rent increases and speculative investments without improving affordability. With comparative insights from Italy and Portugal, the study calls for a systemic reframing of housing as a social right and public good, emphasising the decommodification of housing, regulated rents, and mechanisms to redirect private and public investment toward equitable housing systems.