Greeks spend the most on housing in Europe - the real estate crisis meets high national debt.

Greeks spend the most on housing in Europe - the real estate crisis meets high national debt.

According to a report by de.euronews.com, Greeks spend the most money on housing in Europe. The real estate crisis in Europe goes hand in hand with rising costs of living and fewer and fewer people can afford property or pay their rent. British social housing expert Phil Jenkins explains that high levels of national debt are preventing many countries from intervening in the housing crisis. Therefore, public-private partnerships are essential to help the most vulnerable. The government must create the environment for private capital to invest in affordable housing.
Property prices in Greece have risen sharply after a decade of falling prices due to the debt crisis. In the last seven years prices have increased by 50%. Greeks spend the most money on housing compared to other Europeans. The government is trying to put more housing on the market to bring prices down. The Minister of Social Affairs, Sofia Zacharaki, emphasizes the goal of providing as many apartments as possible, especially in Athens. Funding programs for renovation projects are being launched and various programs in the area of ​​social housing are being continued. Nevertheless, the real estate market is expected to suffer in the future from the effects of high living costs and expensive loans. A decline in property prices is not expected until next year.
Source: According to a report from de.euronews.com.