Project Coordinator and Principal Researcher: Professor Theodore Panagiotidis
Duration: February 2024 - February 2025
Overview
Housing is of vital importance due to its positive externalities encompassing social well-being, public health, and economic growth. Since the global financial crisis, several factors and events have altered the housing landscape in Greece, triggering heightened uncertainty. Housing market prices have soared to record highs over the last few years, while foreign direct investments in real estate have shown signs of a slowdown. At the same time, the construction activity and the number of mortgage loans remain stable and relatively low. Given these points, there is substantial value in comprehending the dynamic behaviour of the housing market and examining its determinants in terms of house prices and housing uncertainty. The project aspires to thoroughly investigate the fundamental factors shaping the housing market and the determinants of housing uncertainty in Greece.
This project aims to:
- provide an extensive review of the challenges and complexities of the housing market in Greece for several demographic groups across regions.
- construct the Housing Price Uncertainty Index for Greece to enhance monitoring of the Greek housing market situation.
- identify and examine the determinants of housing precarity in Greece focusing on the impact of major events and crises such as the global financial crisis, the introduction of the Greek Golden Visa Scheme, the COVID-19 crisis, and the recent energy crisis.
The construction of the Housing Price Uncertainty Index will be of utmost importance to policymakers for better monitoring of the Greek housing market. The results of this research project will be of fundamental importance for addressing this societal problem. Pinning down the strengths and weaknesses of the Greek housing market will assist towards the implementation of more effective policies in the future.
Research Team