Greece has recorded the steepest tourism-driven rent increases in Europe since 2019, according to a new study by the New...

Greece has recorded the steepest tourism-driven rent increases in Europe since 2019, according to a new study by the New Economics Foundation. Average rents have climbed by 342 euros per year since 2019, outpacing every other country examined in the research. The study combined Eurostat rent data with airline passenger numbers and current rental prices across multiple European countries. Spain ranked second with an estimated 236-euro annual increase, followed by Portugal at 220 euros and Italy at 202 euros. What separates Greece from the others is the absence of meaningful policy response. Spain introduced a new housing law that includes rent caps and controls in designated high-pressure areas, along with tax incentives for landlords who renew contracts without raising rents. Italy benefits from a large housing supply that has eased some of the pressure on renters. Greece, by contrast, has offered programs like rent rebates and the "My Home" initiative, which the New Economics Foundation researchers describe as subsidies rather than structural solutions. The government of Prime Minister Kyriakos Mitsotakis has not implemented rent controls or supply-side reforms on the scale seen elsewhere in southern Europe. The researchers also noted that construction cost inflation does not explain the rental surge. Italy, Spain, and Greece have seen minimal increases in building costs in recent years, according to Eurostat, pointing to tourism as the primary driver rather than construction expenses. Ireland was flagged as the country facing the largest projected rent increase over the next five years, at an additional 251 euros annually, with planned Dublin Airport expansion expected to worsen the situation further. Anti-overtourism protests have taken place in Greece, the Netherlands, Italy, and Spain, reflecting growing frustration among residents priced out of their own cities and neighborhoods. #Greece #HousingCrisis #Rentals