Over 60% Greeks Own a First Home, 39% a 2nd Home: European Report

Alittle over six out of ten Greeks (64%) own a main residence, while 39% own a second home, according to a pan-European survey “European Housing Trend Report 2024” by the real estate network RE/MAX Europe.

The responses from 20,000 European adults who participated in the “RE/MAX European Housing Trend Report 2024,” conducted by Opinium Research for RE/MAX Europe, highlight the evolving expectations for residential spaces. The increasing demand for outdoor areas and energy efficiency, driven by environmental concerns and practical considerations, suggests that future residential developments must adapt to meet these changing needs.

The findings showed that the second-home market is expected to continue playing a decisive role in real estate developments over the coming years in Europe. The presence of outdoor space and low energy consumption have become key factors for European citizens when selecting a home.

At a European level, 44% of respondents stated that access to outdoor space is of vital importance, with Germans (54%) and Italians (52%) prioritizing this factor above all others. Following closely, energy efficiency is a crucial consideration, particularly for Hungarian residents, 54% of whom regard it as the most significant aspect when choosing a home.

Affordability was cited as a higher priority than location when selecting a home for more than half of the respondents with Greeks, Irish, and Italians being the top nationalities.

The second-home market is also set to remain a significant factor in the European real estate sector. Currently, 69% of Europeans own the home they live in, while 25% also possess a second property, primarily used for holidays or retirement purposes.

This trend is most prevalent in Bulgaria, where 46% of homeowners also own a second property. In contrast, the United Kingdom records the lowest rate of second-home ownership at just 10%, with 71% of respondents stating that they are unlikely ever to acquire one. This may reflect the higher property prices and overall cost of living in the UK. Meanwhile, in Greece, 64% of respondents own at least one property, while 39% have a second home.