Housing stock not enough

The pool of homes that qualify for the government’s My Home (“Spiti Mou”) program is smaller than in the recent past. This is the program that, in cooperation with the banks, subsidizes mortgage rates to help young people (up to the age of 39) enter the housing market. It concerns properties worth up to 200,000 euros, at least 15 years old (built before 2007) and up to 150 square meters

Such properties are difficult to find in popular areas of the northern and southern suburbs, unless they are buildings from the 1960s and 1970s and those interested are looking for small apartments, in the order of 50-65 sq.m.

If, on the other hand, the apartments to be acquired are to accommodate a new family of three or four, then those interested should turn to other areas of Attica, such as the center of Athens or the western suburbs, where there are more options for apartments with an area of 80-100 sq.m. that meet the criteria of the program.

In these areas it is possible to find houses of 72 sq.m. and 115 sq.m. on average, even if the interested parties choose properties of the order of €150,000, which is also considered a more reasonable amount given the financial abilities of most interested parties. If, however, they choose to exhaust the subsidized limit of €200,000, it is possible to purchase 125 sq.m. in Ambelokipi, 137 sq.m. in Exarchia, 117 sq.m. in Agia Paraskevi or 166 sq.m. in Peristeri. Of course, the above refers to old properties, usually more than 30-40 years old. The figures are based on actual prices recorded in transactions carried out in 2022 through the network of RE/MAX Hellas brokerage offices.

According to real estate market executives, finding the right property is not a simple task, as many factors come into play, such as the area and location, the floor, the quality of construction and its condition, the interior configuration and other amenities such as parking space or storage. Also, compared to the time before the pandemic, the stock of homes that are in good condition and which qualify for the My Home program is clearly smaller and many need renovation.