Over 80% of Greek Houses Uninsured

A little over 80% of Greek houses remain uninsured, according to data released by the Hellenic Association of Insurance Companies for 2023.

At the end of 2023, there were 1,159,332 insured residences in the country, with the data suggesting the percentage of insured residences increased significantly by 1.2% in the last three months of the previous year.

This increase is mainly attributed to the 10% discount on the Single Property Tax (ENFIA) legislated by the government for insured residences last summer.

At the same time, 52.4% of Greek houses are insured against earthquakes and weather-related phenomena, while the remaining are insured either for one of these or solely for fires.

A recent study on Greek Real Estate showed that buyers in the market for a new house opt for affordable older units within their financial limitations, aiming for their acquired properties to gain value appreciation through renovation and energy upgrades down the road.

Residences units (apartments, single-family homes, and maisonettes) were the top choice among buyers, while land plots and agricultural plots followed in buyer preferences. There was less interest in offices and shops, as these markets generally cater to a specific investment audience.

According to the Hellenic Statistical Authority (ELSTAT) and Eurostat, Greece’s homeownership rate in 2021 stood at 73.3%, slightly above the European Union’s average of 70%. This is a large difference compared to 2005 when 84.6% of Greeks owned their houses.