Greece is experiencing a steady population decline caused by the declining migratory and natural balance. This research investigates the spatial impact of socio-economic and demographic factors on the natural population balance in Greece for the spatial zoning of municipal administrative units. Using geographically weighted regression (GWR) on data from the 2011 Greek census, the research explores the local impacts of factors like housing repair permits, vacant housing, employment rates, population inflows, distance from regional centers, aging, gender ratios, and education levels. An initial ordinary least squares (OLS) regression was conducted, revealing significant spatial variation and emphasizing the necessity of spatial econometric methods. The GWR model proved to be more effective in accounting for the variance in the data, removing spatial autocorrelation and revealing high local variation. Results show the high negative impact of the aging index in Western Greece and the Ionian islands, the counterintuitive positive effect of the gender ratio in urban areas, and the positive influence of population inflows in high-migration regions like Northern Greece and Crete. The results of this study underline the need to utilize spatial econometric methods for a precise and detailed understanding of demographic trends and provide valuable insights for localized strategies to address demographic challenges.