Real estate market poised for 'My Home 2': price trends in Athens and Thessaloniki
Real estate market poised for 'My Home 2': price trends in Athens and Thessaloniki
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Real estate market poised for 'My Home 2': price trends in Athens and Thessaloniki

Spitogatos Platform Research Based on the SPI Price Index
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RE+D magazine
29.11.2024

Anticipating the launch of the 'My Home 2' program, Spitogatos Insights offers a comprehensive analysis of price trends and the supply of homes for sale that align with the criteria established in the recent program announcements.

The analysis is based on the Spitogatos Price Index (SPI), that tracks price trends in the Greek real estate market through millions of live listings on Spitogatos – the leading real estate platform in Greece.

The announcement of the “My Home 2” program appears to have stimulated demand for homes in various regions across the country. As of October 2024, 43% of the housing supply in Greece meets the criteria outlined in the new program. The revised criteria have expanded the available housing supply by 16% compared to the original “My Home” program.

Designed to offer more favorable financial conditions for first-time homebuyers during a period of rising property prices, the “My Home 2” program targets individuals and couples aged 25-50. It provides subsidized loans with income thresholds adjusted based on family circumstances.


Attica & Thessaloniki average asking prices 

An analysis of the average asking prices for properties in various areas of Attica, based on the criteria established for the "My Home 2" program, reveals significant regional variations. Specifically, in the Northern Suburbs of Athens, the average asking price for a property is €195,000, with an average construction year of 1978 and an average size of 77 sq m. In comparison, more affordable options can be found in the Center of Athens and the Suburbs of Piraeus, where the average asking price for a property with an average size of 80 sq m and a construction year of 1977 is €140,000.

Focusing on the Athens Center area, the analysis reveals that a property eligible for the “My Home 2” program in Pagrati has an average asking price of €160,000, with an average area of 60 sq m and an average construction year of 1970. Similarly, in Glyfada, located in the Southern Suburbs of Attica, a property that meets the program's criteria is available for an average price of €200,000, built around 1970, and with an average area of 65 sq m. In the Center of Piraeus, a comparable property is priced at an average of €185,000, with an average area of 66 sq m and a construction year of 1974.

In the Prefecture of Thessaloniki, property prices that meet the criteria of the "My Home 2" program exhibit significant variation. In the Municipality of Thessaloniki, the average asking price is €125,000, with an average area of 57 sq m and a construction year of 1970. However, in the rest of the prefecture, the situation differs, with the average price dropping to €80,000 for a property with an area of 90 sq m and a construction year of 1982.


Residential property supply that meets the My Home 2 standards

As the demand for housing continues to exceed supply, Spitogatos Insights proceeded to analyze the distribution of available housing for sale that meets the criteria announced for the “My Home 2” program in Attica and the Prefecture of Thessaloniki. As far as Attica is concerned, it is observed that the Center of Athens and the Southern Suburbs concentrate over 55% of the available housing that could be purchased through the “My Home 2” program. This is followed by the Western Suburbs and the Suburbs of Piraeus, which constitute just over 8% of the available housing that meets the program’s requirements.

In the Prefecture of Thessaloniki, more than 50% of the housing supply for sale that meets the conditions of the “My Home 2” program is concentrated within the Municipality of Thessaloniki, with 37.7% located in the Suburbs of Thessaloniki. The supply in the rest of the prefecture is relatively limited, accounting for only around 2.5%. Spitogatos provides a targeted search option for houses available for sale or rent, offering access to thousands of real estate listings across Greece, along with the ability to receive notifications for new listings that match the specified search criteria.