The total budget for the new housing support program is €2 billion, with €1 billion coming from the Recovery and Resilience Fund and the other €1 billion from participating banks. This program provides a combination of financial support, with 50% of the funding available as an interest-free loan from the Recovery and Resilience Fund, and the other 50% available as an interest-bearing loan from banks.
For applicants, the program offers several advantages. The loans are provided at attractive, low-interest rates, typically below 2% on average. Additionally, eligibility requirements have been expanded to accommodate individuals up to 50 years of age, with higher income thresholds than previously available. Families with three or more children benefit from a more favorable loan structure, with 75% of the loan being interest-free and the remaining 25% interest-bearing.
Applicants’ loan amounts depend on their income and family status. For single applicants, the maximum allowable annual income is €20,000, while couples can qualify with a combined income of up to €28,000, with an additional €4,000 allowed for each child. Single-parent families can qualify with a maximum annual income of €31,000, plus an additional €5,000 for each child.
Properties eligible for financing under the program must have a maximum value of €250,000, cover up to 150 sq.m. of space, and must have been constructed no later than 2007. Loans of up to €190,000 can be granted, covering up to 90% of the property value, with repayment terms ranging from 3 to 30 years.
For applicants purchasing properties with a price tag of €250,000, at least €60,000 in personal savings will be required, with the remainder covered by the loan. For homes priced at €200,000, a minimum of €20,000 in personal equity is required, and for properties priced at €150,000, applicants must provide at least €15,000 in personal savings, with the remaining amount covered by the loan.
Turning to property availability, the market presents a variety of opportunities in different regions. In Central Athens, for properties priced under €150,000, only 18.05% of available listings meet the criteria. However, when considering homes priced up to €200,000, the availability rises to 41.25%. The availability for homes priced up to €250,000 is considerably higher, with 59.80% of listings fitting this price range.
In the Western Suburbs, the availability of properties priced under €150,000 stands at 19.74%. However, for homes priced up to €200,000, 53.39% of listings are available, and 77.71% of available properties are priced up to €250,000. The Piraeus area offers a more limited selection, with just 8.88% of available properties priced under €150,000. However, for homes priced up to €200,000, the availability rises to 26.64%, and 51.44% of properties are priced under €250,000.
In the Eastern Suburbs, the availability of properties under €150,000 is extremely limited, with only 3.91% of listings fitting the criteria. However, for properties priced up to €200,000, 17.05% are available, and 43.51% of available homes are priced under €250,000.
Looking at the availability of properties by area, we see that the highest availability of homes priced up to €250,000 in Central Athens can be found in neighborhoods like Ambelokipi, where 51.50% of listings fall within this price range, and Kallithea, with 44.50% availability. The availability for homes under €200,000 in Central Athens stands at 41.25%. In the Western Suburbs, areas like Chaidari and Petroupoli show limited availability for properties priced under €150,000, but availability for homes priced up to €250,000 is generally high.
In Piraeus, the highest availability for properties under €250,000 can be found in areas like Kaminias and Nea Kokkina, where 80% and 75.52% of listings fall within this price range, respectively. In the Eastern Suburbs, the highest availability for homes priced up to €250,000 is in areas like Nea Makri, Artemida, and Koropi, with availability rates of 69.76%, 73.80%, and 53.24%, respectively.
