Athens

1. Underground River: Beneath the streets of Athens lies a hidden underground river, the Kifisos, which was once a vital water source for the ancient city. Today, it runs mostly hidden from view, but remnants of its banks can still be found in certain areas of the city. 2. Street Art Capital: Athens has gained a reputation as a street art capital, with vibrant murals and graffiti decorating many neighborhoods. The city’s urban art scene reflects social and political messages, making strolls through areas like Psiri and Exarchia a unique cultural experience. 3. The Athenian Agora's Secrets: While the Acropolis is well-known, the Athenian Agora, the heart of ancient Athens, holds many lesser-known secrets. It was not only a marketplace but also a center for philosophical discussions, housing the Temple of Hephaestus and the Stoa of Attalos, which now serves as a museum showcasing ancient artifacts.

Athens’ housing market in 2025 is marked by sustained growth, high investor interest, and pronounced pressure on affordability. Most residents own their homes: national homeownership stands at 69.6%, while about 30% of dwellings are rented. The Athens rental market is dynamic, with a significant share of apartments—particularly those in popular central districts—targeted at both long-term tenants and the lucrative short-term rental sector. As of Q1 2025, the average price to buy an apartment in Athens is about €2,480 per square meter, while prime coastal suburbs like Glyfada reach €3,750 per square meter and Vouliagmeni can exceed €10,000 per square meter. Median apartment values in central neighborhoods range from €170,000 to €230,000. Typical monthly rents for a two-bedroom apartment in Athens vary from €600 to €1,650, reflecting location and property quality. Gross rental yields average roughly 5%, with smaller apartments offering even higher returns. Publicly owned housing in Athens plays a negligible role and constitutes a very small share of the housing stock—well below EU averages. Public housing and social housing are not synonymous in Athens: the city lacks a robust system of government-owned rental housing, and most support for low-income households comes via allowances or subsidies, not dedicated public or social housing estates. This limited public provision leaves most housing needs to the private market, especially in urban centers.

Athens faces a deepening housing crisis fueled by rapid price increases and intense demand, especially from foreign investors and the rise of short-term rentals. In the first quarter of 2025, residential property prices in Athens rose by 7.6% year-over-year, with over 40% of purchases made by foreign buyers. Rents have soared by 90% over the past seven years, and in central neighborhoods, one in three residents now spends at least 40% of their income on rent—double the European average. Short-term rental platforms have diverted significant housing stock from long-term residents, worsening the squeeze on affordable homes. The groups most affected are low-income families, young adults, and vulnerable populations. Young people struggle due to stagnant wages and high youth unemployment, making it difficult to find affordable accommodation. A significant portion of Athens’ central city dwellers cannot afford basic utilities like heating, and some are forced to choose between food and warmth. Reports also highlight a surge in homelessness and precarious living, with tenants at risk of eviction due to rising rents and the lack of alternatives. Despite a high homeownership rate nationally, Athens’ limited supply of public or social housing leaves most residents exposed to private market pressures, further compounding housing insecurity for the most vulnerable groups in the city.

The City of Athens is contending with significant housing affordability challenges. The municipal administration has recently focused on policies that support vulnerable groups primarily through financial assistance and targeted building renovations rather than through the expansion of traditional public housing. The municipality’s Energy Poverty Office offers relief on municipal energy taxes for low-income residents, directly targeting energy poverty and supporting climate resilience. Recent targets emphasize boosting the supply of affordable homes, preserving existing affordable units, and improving the energy performance of older buildings. Concrete activities include the repurposing and renovation of vacant or aging buildings for affordable housing, as informed by local research and design competitions focused on inclusive, sustainable housing. Community-led projects, such as those highlighted by the Rock the Block initiative, facilitate participatory renovations in central neighborhoods, enhancing both affordability and sustainability. The city has also supported pilot programs that foster community involvement in the renovation process, aiming for energy efficiency and reduced utility costs. These interventions are complemented at the national and EU levels by regulatory support and funding frameworks (such as the Energy Performance of Buildings Directive), which incentivize energy retrofits and sustainable construction. Athens’ administration is thus combining targeted subsidies, building renovations, and energy poverty measures as the primary tools for improving access to affordable and sustainable housing, building on local partnerships and community-based solutions.

Housing cooperatives in Athens currently play a minimal role in the city’s housing market. There is no established cooperative housing sector, and institutional, legal, and financial frameworks to support the creation and scaling of cooperative housing remain largely undeveloped. Most efforts are grassroots initiatives, such as CoHab Athens and groups in Exarchia, which organize workshops and campaigns to promote collective ownership and pilot cooperative living models. However, these remain small-scale, experimental, and mainly focused on awareness, knowledge exchange, and exploring legal possibilities, with no systematic cooperative housing projects yet completed. The share of cooperative housing in Athens is negligible, effectively amounting to less than 1% of the housing stock. For comparison, publicly supported and social housing is also marginal, well below EU averages, making cooperative housing virtually absent from the city’s overall housing provision. Recent dynamics show greater interest in cooperative forms of housing due to the acute affordability crisis, rapid rent increases, and limited public intervention. The city administration, however, is only beginning to recognize cooperative and collective housing as part of potential solutions. Policy efforts—like municipal partnerships with Housing Europe, the proposed Social Housing Observatory, and attempts to repurpose vacant buildings—may pave the way for future cooperative projects. Yet, concrete municipal programs specifically supporting cooperative housing are still in the early stages, with most support directed at other forms of social or affordable housing and indirect measures such as facilitating partnerships, inventories, and raising awareness.