Rising rents and stagnant wages challenge Greece's economic recovery

Despite Greece’s economy growing faster than the EU average, a rising housing crisis is impacting many citizens. The country is currently repaying bailout loans ahead of schedule and experiencing record tourist numbers following the 2009-2018 financial crisis. However, soaring rents and stagnant earnings are forcing households to reduce spending on essentials like heating and take on more debt. A report from Greece’s Small Enterprise Institute (IME) indicates that 60% of households find their monthly income insufficient to cover all expenses. The crisis is now affecting the middle class in addition to low-income groups. Experts attribute the housing shortage to a freeze in construction that occurred during the debt crisis years. In one instance, a 28-year-old tenant in Athens was forced to move after the rent for her apartment, owned by Chinese investors, reached 700 euros. This trend of rising costs is reportedly creating a drag on the nation's broader economic rebound.