The lack of properties that meet the criteria of government initiatives is the main obstacle to the rapid progress of the “My Home” program, which aims to help people purchase homes at low interest rates. With a total budget of 2 billion euros covering 20,000 beneficiaries, the agencies involved are racing to fully utilize the funds.
According to data from the Ministry of National Economy and Finance and the Ministry of Social Cohesion and Family, as of yesterday, June 10, 2026, 15,193 loans, totaling 1.83 billion euros, had been approved for inclusion in the program, while the number of beneficiaries who have already signed a loan agreement stands at 12,266, with the value of their loans approaching €1.339 billion. Of those who have signed a loan agreement, approximately €1.218 billion has already been disbursed to more than 11,000 beneficiaries.
The background on pre-approvals
However, pre-approvals for loans total 38,000, meaning 55% of eligible recipients were excluded from the program due to a lack of suitable housing, as reported by Kathimerini. For their part, the two relevant ministries state that the 38,000 pre-approvals refer to the initial credit assessment stage by the banks and do not equate to inclusion in the program, as an applicant may have submitted applications to multiple credit institutions, may withdraw their application, or the property they are interested in may not meet the program’s criteria.
However, approved mortgage loans that were not finalized by June 2 (amounting to €600 million, in addition to the €200 million required to fully cover the €2 billion) may proceed until August 31, using funds managed by the Hellenic Development Bank. In other words, a total of €800 million in disbursements remains to be distributed to an additional 9,000 beneficiaries in less than two months in order to fully absorb the program.
Buyer profiles and prices
Through the “My Home I” and “My Home II” programs, with interest rate subsidies of 50% and 75%, 24,095 households found housing due to the low cost of servicing the mortgage. Nearly 9 out of 10 beneficiaries (86%) have an income of up to €36,000, with the average standing at €21,000 per year.
These are middle- and lower-middle-income households, with an average beneficiary age of 38 and a 58.5% marriage rate who, without the interest rate subsidy, would have had difficulty accessing a mortgage with an affordable monthly payment.
The picture is rounded out by the characteristics of the properties purchased, with the average market value estimated at 152,000 euros. The average floor area is 88 square meters, and the average year of construction is 1982.
Regarding allegations of rising real estate prices due to the “My Home I” and “My Home II” programs, the Ministries of National Economy and Family report that real estate price increases in Greece predated the "My Home" and are linked to broader factors (limited construction activity over a number of years, increased material costs, external demand), as consistently documented in the relevant reports of the Bank of Greece.
“Home Renovation” Starting Monday
The “My Home I” and “My Home II” programs are part of the Government’s broader policy to mitigate the effects of the housing crisis. Starting Monday, June 15, the platform for the new "Home Renovation," aimed at bringing vacant properties back into the housing market through subsidies for renovation—ranging from 80%to 95%—and energy upgrades—up to 20%. This is the first program of its kind in the EU, which is being implemented thanks to the Prime Minister’s initiative and the outcome of the successful negotiations with our partners that preceded it, according to the same announcement.
The broader housing policy program includes measures such as the suspension of VAT on new residential construction, the introduction of a social co-ownership scheme with private individuals aimed at utilizing the government’s large stock of idle real estate for affordable housing, restricting short-term rentals in saturated urban and tourist areas and imposing stricter tax treatment on commercial short-term rentals, the de facto exclusion of specific areas from the “golden visa” policy, etc.