“My House 3”: the authorities raised the ceiling to €300,000 – but is this enough at current housing prices

Greek government significantly expands the parameters of the preferential mortgage program “Σπίτι μου 3” (My house 3): the cost of eligible housing increases to €300,000, the maximum loan to €230,000, and the age of participants to 55 years.

A new program should start early 2027 and will be implemented through the Greek Development Bank.

The total amount of funding will be €2 billion. As clarified Greek government€500 million will come from the credit portion of the Recovery Fund, another €500 million from the funds of the Ελληνική Αναπτυξιακή Τράπεζα and €1 billion from the banks.

What changes compared to “Σπίτι μου 2”

The main idea of ​​the third cycle is to expand the circle of potential buyers and bring the program limits into line with real prices on the housing market.

These parameters have already been officially presented by the government as part of the detailed measures announced at the 90th ΔΕΘ.

Age increases to 55 years

One of the most noticeable changes is the expansion of the age range.

If in “Σπίτι μου 2” the upper limit was 50 years, then the new cycle will be available to participants up to 55 years old.

This significantly expands the audience of the program, since the previous model actually excluded people who only after 45–50 years had accumulated sufficient initial capital or stabilized income.

The cost of housing is already up to €300,000

The second key change is the increase in the maximum commercial value of a qualifying property from €250,000 to €300.000.

The reason is obvious: the previous ceiling corresponded increasingly less to the real market.

Residential property prices in Athens continue to rise, and it has become increasingly difficult to find a property that is suitable in terms of size, condition, area and cost at the same time.

“Athens News” has already examined in detail the general housing reform and new measures to support home buyers in the material “Housing reform in Greece: cheap loans, social rent and the new Golden Visa”.

Up to €230,000 loan

The maximum loan amount increases from €190,000 to €230.000.

At the same time, the program will still be able to finance up to 90% of the cost of the object.

At first glance, this means that when buying an apartment for €300,000, the buyer’s own funds must be at least 10%, that is, about €30.000.

But there is an important nuance here.

Even with a home value of €300,000, the maximum loan is limited to €230,000. Consequently, if this particular ceiling is retained in the final technical design without additional exceptions, the buyer of a property for €300,000 will no longer need €30,000, but at least about €70,000 own fundsplus associated purchase costs.

Income limits are expanded for families with children

The government is simultaneously changing the income criteria for families.

For a couple, the basic limit remains fixed, but the supplement for each child increases from €5,000 to €7.000.

For a single parent, the official scheme provides a base limit of €39,000 plus €7,000 for each child after the first.

In this way, the authorities are trying to include in the program families that, under the old criteria, could be formally considered too wealthy, although real costs for children and housing have increased significantly.

Large families will be allowed to buy larger housing

Another change concerns families with four or more children.

In “Σπίτι μου 2” the maximum area of ​​suitable housing was 150 square meters. m.

Now for large families the limit will increase by another 10 sq. m for each child over four.

This is a logical adjustment: an apartment of 100–120 square meters. m may be sufficient for a couple with one child, but it is assessed completely differently by a family with five or six children.

“Σπίτι μου 2” is almost out of budget

The need for a third cycle is also explained by the high demand for the previous program.

According to the latest data, within the framework of “Σπίτι μου 2” were approved 15,097 credits with a total value of €1.82 billion.

This corresponds to approximately 94.5% of the program budget.

Of the approved applications, 93.5% turned into signed contracts – a total of 14,114 loan agreements worth about €1.54 billion.

The average loan size was approximately €120.400and the average commercial cost of purchased housing is about €152.100.

The average area of ​​the object is approx. 88.5 sq. m.

But housing prices are rising faster than the limits

The main problem remains the same: the program may increase the purchasing power of the population, but it does not automatically create new apartments.

And the supply of housing in the most sought-after areas is limited.

According to market data for 2026:

• Kolonaki – about €6.086/m²;
• Syntagma – about €5.638/m²;
• Plaka and Thisio – about €4.698/m²;
• Ambelokipi – about €2.990/m²;
• Exarchia / Naples – about €3.046/m²;
• Gizi – about €2.590/m²;
• Petralona – about €2.763/m²;
• Kipseli – approximately €1,900–3,000/m².

Therefore, €300,000 no longer looks like a huge amount for Athens.

At a price of €3,000 per square meter, this is approximately 100 sq. m of housing, and at €5,000 – only about 60 sq. m. m.

Will the program raise prices even more?

The same question that accompanied previous cycles arises here.

When the state increases the number of buyers with cheap loans, but the supply of suitable housing practically does not grow, part of the state support may simply turn into price increases.

That is why the authorities are simultaneously trying to return empty apartments to the market, reconstruct old buildings and expand the housing stock.

But the effect of these measures is much slower than the growth in demand from buyers with approved loans.

The official parameters of the program are published on the website Greek government. The launch of “Σπίτι μου 3” is expected in early 2027.

Source link