IMF calls on Greece to target vacant homes to ease housing crisis

Gov't has received the fund’s policy proposals aimed at resolving the residential crisis.

The International Monetary Fund has submitted to the government new policy proposals to address the housing crisis, as part of its annual regular assessment of the economy, completed a few days ago. It proposed to stimulate supply through a more active utilization of the stock of unused housing. To achieve this, the IMF recommends imposing a levy on vacant homes, especially in areas under great pressure due to demand. The IMF also proposes scaling up renovation programs for old homes based on income criteria.

As IMF analysts explain, the continuous rise in housing sales prices, which reached 7.8% in 2025 at a nationwide level (per the Bank of Greece price indexes), is due to high demand and low utilization of existing homes, as well as limited construction activity. Also, as the IMF specifically states, “pressures on housing affordability are magnified by the mismatch between demand and supply, including local impacts from housing sharing” (through short-term rental platforms).

Based on ELSTAT data, in 2021, in all of Attica, almost one in four residential properties, or 526,154 properties, appeared vacant. The biggest problem concerns the center of Athens, where 117,137 vacant homes or 26.8% of the total are located. These are properties owned by private individuals but also by public bodies, whether it is the narrow or broader public sector (EFKA, municipality, foundations etc.), while some are also in the portfolios of banks and debt management companies (servicers).

The problem today is that the latest available data on vacant homes is based on outdated data dating back five years. Since then, a lot has changed in the market, making any attempt to exercise policy, especially at a more local level, particularly risky. This is one of the reasons why the Real Estate Ownership Registry (MIDA) is about to start operating. There, among other things, owners will be asked to declare the actual use of the property, like whether it is owner-occupied, whether it is rented on a long-term or short-term lease, whether it is vacant or whether it is granted free of charge.

Source: https://www.ekathimerini.com/economy/real-estate/1300203/imf-tax-all-vacant-housing/