THE GREEK SYSTEM OF HOME OWNERSHIP AND THE POST-2008 CRISIS IN ATHENS

Dimitris Emmanuel ()
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Dimitris Emmanuel: National Centre for Social Research

Region et Developpement, 2014, vol. 39, 167-182

Abstract: In order to examine the impact of the economic crisis on the home ownership pattern, we first review the basic structural features of the Greek housing system. This necessarily involves a discussion of the distinctive home ownership regimes found in Southern European countries as well as the place of the Greek case in this comparative framework. The main relevant distinctive characteristics of southern countries are high outright ownership rates, limited bank financing and strong "familism". After reviewing these aspects of the Greek "established" housing regime with data for Athens, the paper examines the major changes that took place during both the monetary revolution in housing finance from the late 1990s to 2007 and then during the current crisis, troika control and memorandum policies for strict austerity and "modernization" of the labor market. We conclude that these changes foreshadow a shift to a sharply modified "southern" housing regime rather than simply a prolonged economic shock.

Keywords: HOUSING; HOME OWNERSHIP; GREECE; SOUTH EUROPE (search for similar items in EconPapers)
JEL-codes: I24 R21 R28 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:tou:journl:v:39:y:2014:p:167-182

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