Gov’t considers extension of ‘My Home’ due to lack of units

The Greek housing market is showing a deficit of over 10,000 residences, according to realty professionals, as a result of which supply is unable to meet demand for both the purchase and rental of quality properties.

At the same time, this deficit is also fueling a rally in prices, which in turn makes it increasingly difficult to meet the housing needs of households.

This reality is evident in the case of the “My Home” program, which provides low-interest loans to 10,000 young people up to the age of 39, in order to acquire properties worth up to 200,000 euros, with an area of up to 150 square meters and at least 15 years old.

According to the reports, although more than 1,500 loan applications have already been approved, within a period of 45 days (from April 3 to May 15), almost 30,000 applications were submitted by interested parties, so that the government is already considering the extension of the program.

On the other hand, the supply of suitable housing is much lower.

In a recent survey carried out by the Athens-Attica Association of Realtors, out of the 45,000 advertisements for the sale of houses posted by the members of the association, only 10,674 concern properties eligible for the program, an element which demonstrates the difficulty faced by those interested in locating a home of their liking.

At the same time, supply in the housing market is steadily decreasing.

Data by ads newspaper Chrysi Efkairia show that the supply in the center of Athens dropped by 7,727 residences last year to 69,971.