A plan to expand housing policy is being developed, which will be implemented through the purchase of an additional 10,000 homes via loans through an extension of the “My Home II” program to “My Home III” with participation from the Recovery Fund regarding interest-free lending, and additional participation from banks. This is being developed by the economic team in cooperation with the Ministry of Social Cohesion and Family.
“My Home 3” launches with €1 billion and 10,000 homes
Already, the Deputy Prime Minister and Finance Minister, Kostis Hatzidakis and Kyriakos Pierrakakis respectively, are in continuous negotiations with Europeans to secure funding of around €500 million through the Recovery Fund, with banks providing a corresponding amount. The goal is to provide loans to another 10,000 interested citizens from mid-2026.
The expansion plan, which may also include other housing programs, is expected to be among Prime Minister Kyriakos Mitsotakis’ key announcements at the Thessaloniki International Fair in September, supporting social groups.
The Minister of Social Cohesion and Family, Domna Michailidou, notes that based on last Thursday’s data, the “My Home II” program has exceeded 53.5% absorption rate, as 8,577 applications have been approved to date within the program framework, with disbursed funds from the total €2 billion budget reaching €1.02 billion.
Successful program
This means that the program implementation process could be completed by mid-2026, when it will have absorbed the entire amount. In this context, negotiations are being conducted after determining that “this is a successful program that helps young couples and families acquire their own homes.” According to tax consultant Marinos Abeliotis, over 37,000 applications have been submitted, 1,000 declarations per hour, with essentially 20,000 eligible beneficiaries to be approved.
From the real estate market side, calls are being made to increase housing supply below the limits (mainly at prices up to €200,000), to achieve real results. As experts note in the dense and demanding housing market, the improved version of “My Home” functions like a “policy superhero,” trying to bridge the gap between demand and housing accessibility. If supply remains insufficient, the vision risks remaining on paper – which is why quick responses from all stakeholders are needed.
Payments worth €165 million
For their part, banks have made payments worth €165 million by the end of June, concerning approximately 1,600 beneficiaries. The average age of beneficiaries is 38 years, with average annual family income at €20,700-21,300. The homes are 70% family-type (couples or single-parent), with average size 91-92 sq.m., built in 1980 and with average value of approximately €149,000.
Approvals are not limited to Attica and Thessaloniki. About 46% of approved applications come from the regions. Leading regions include Eastern Macedonia and Thrace (544 applications, €58.3 million), Central Macedonia (1,696, €197 million), Thessaly (505, €51 million) and Western Greece (402, €44.3 million). The main obstacle to faster resource absorption is the lack of available properties meeting price, surface area and electronic identity criteria. However, a critical parameter remains the smooth conversion of approvals to disbursements, requiring: 1. Faster finding of homes with electronic identity and compatible characteristics. 2. Acceleration of legal/technical checks by banks and public authorities. 3. Better organization to avoid crowding at branches and delays in pre-approval processes. Program beneficiaries are individuals or couples aged 25 to 50 years, with income criteria ranging from €10,000 to €20,000 annual income for singles, up to €28,000 for married or cohabiting couples, plus €4,000 for each child, and single-parent families up to €31,000, plus €5,000 for each child beyond the first. Additional social criteria include not owning another primary residence.
Purchases and savings
In urban areas like Athens, greater availability is observed in properties up to €150,000 – e.g., 59% in the center, 68% in western suburbs, 50% in Piraeus and 33% in eastern suburbs. In savings examples, compared to purchasing property from the free market through full lending, an 80 sq.m. apartment in Nea Smyrni worth €160,000 without the program costs €660/month, while with the program €440/month. This means a benefit of €220 per month or €65,000 over 25 years. For a similar 100 sq.m. apartment in Agia Paraskevi worth €220,000, purchase through lending costs €900 for 25 years. With the program the corresponding installment reaches €600/month, with a benefit of €300, or €85,000. The loan approval process is simple, requiring the interested party to have secured an eligibility certificate through the gov.gr platform, proving they meet all requirements. Subsequently, they must submit an application to a participating bank, providing documents and the certificate, and receive evaluation, approval and loan signing from the bank.
Published in Parapolitika Newspaper
