Greeks hit hard by housing costs

Photo: AprilLynn77

Greeks are being hit hard by housing costs, according to Eurostat. 40 per cent of Greeks now spend almost half of their disposable income on housing costs, according to official statistics. The high level of expense places the country's citizens in an elite group: just 11.4 per cent of households in the 28 EU member states spent more than 40 per cent of their disposable income on housing in 2014 - the threshold for what is classed as being overburdened.

The affected Greek households spent 40.7 per cent of their disposable income on housing, ahead of Germany (15.9 per cent), the Netherlands (15.4 per cent) and Romania (14.9 per cent).

Greece ranks first, as households spend 40.7 percent of disposable income on housing, followed by Germany with 15.9 percent, the Netherlands with 15.4 percent and Romania with 14.9 percent.

The above-average percentage is not driven by expensive properties, however, but by worsening personal financial conditions. Indeed, Greece remains struck by low employment levels, while wage and pension cuts have left residents with less disposable income.