The programs “My Home I” and “My Home II” are part of the broader policy of the government to mitigate the effects of the housing, this massive problem faced by citizens throughout the EU
The €6.5 billion action plan, which is currently underway, includes over 40 individual programs and is available at stegasi.gov.gr (Housing Policy Portal).
In this context, particular emphasis is placed on increasing the supply of real estate—and not just on subsidy policies—such as, for example: the suspension of VAT on new residential construction, the introduction of a social contribution scheme for joint use with private individuals, aimed at utilizing the government’s large and idle real estate portfolio to provide affordable housing, restrictions on short-term rentals in saturated urban and tourist areas, and stricter tax treatment of commercial short-term rentals, the de facto exclusion of specific areas from the “golden visa” policy etc.
In the same vein, starting Monday, June 15, the platform for the new “Home Renovation” program, with the aim of bringing vacant properties back onto the housing market through renovation subsidies—ranging from 80% to 95%—and energy efficiency 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 successful negotiations with our partners that preceded it.
Specifically, regarding the “My Home I” and “My Home II” programs, it is emphasized that:
A. The “My Home II” program succeeded
The program’s design, with a total budget of 2 billion euros (€1 billion from the Recovery and Resilience Facility at a zero interest rate and €1 billion from participating credit institutions), provided for support for up to 20,000 beneficiaries to purchase their first home.
Based on current data:
- As of June 10, 2026, 15,193 loans had been approved for inclusion in the program, with a total value of 1.83 billion. euros, 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 euros.
It is also important to note, however, that of those who have signed a loan agreement, approximately 1.218 billion to more than 11,000 beneficiaries.
It is emphasized that the government has secured national resources to ensure that no beneficiary with an approved loan and a property to purchase is left out.
Approved housing loans that were not formalized by June 2, 2026, may be formalized by August 31, 2026, using funds managed by the Hellenic Development Bank.
It is also noted the wide geographical distribution of the loans and, furthermore, the fact that the program’s beneficiaries include 1,670 large families, 108 people with disabilities as well as 29 families with two children from the municipalities of Orestiada or Soufli or Didymoteicho, in the Regional Unit of Evros, a relatively small number but particularly significant in these specific areas.
| Region | Number of Approvals | Amount of Approvals | Number of Contracts | Amount of Contracts |
| Eastern Macedonia and Thrace | 1,079 | 117,457,472 | 867 | 84,976,227 |
| Attica | 6,055 | 797,954,950 | 4,835 | 584,297,284 |
| North Aegean | 116 | 12,050,100 | 92 | 8,456,070 |
| Western Greece | 849 | 92,187,551 | 672 | 63,781,502 |
| Western Macedonia | 395 | 36,172,930 | 346 | 27,640,990 |
| Epirus | 510 | 60,059,300 | 438 | 46,734,934 |
| Thessaly | 1,055 | 115,264,510 | 884 | 86,933,031 |
| Ionian Islands | 120 | 16,085,700 | 71 | 8,255,380 |
| Central Macedonia | 3,516 | 409,257,123 | 2,965 | 313,164,505 |
| Crete | 340 | 44,886,000 | 229 | 27,624,020 |
| South Aegean | 187 | 23,457,650 | 140 | 15,821,699 |
| Peloponnese | 519 | 57,296,330 | 395 | 39,510,583 |
| Central Greece | 452 | 47,906,900 | 332 | 31,366,334 |
| Total | 15,193 | 1,830,036,515 | 12,266 | 1,338,562,557 |
The income profile of the beneficiaries confirms the program’s social targeting
The income characteristics of the beneficiaries demonstrate that the “My Home II” program was directed where the real need existed:
57% of borrowers report an annual income between 12,000 and 24,000 euros
and furthermore
29% between 24,000 and 36,000 euros.
In other words, nearly 9 out of 10 beneficiaries (86%) have an income of up to 36,000 euros, with the average standing at 21,000 euros per year.
These are middle- and lower-middle-income households, with an average beneficiary age of 38 years and a percentage of married individuals of 58.5% who, without the interest rate subsidy, would have difficulty accessing a mortgage with an affordable monthly payment.
The picture is completed by the characteristics of the properties acquired:
average market value €152,000, average area 88 sq. m. and average year of construction 1982.
These figures demonstrate that the program financed affordable housing, in fact bringing older housing stock back onto the market rather than high-end or investment properties.
| Loans to beneficiaries who are persons with disabilities (PWD) | 108 |
| Loans with an additional interest rate subsidy, from families with >= 3 children | 1,670 |
| Loans with additional interest rate subsidy, from families with 2 children residing in the municipalities of Orestiada or Soufli or Didymoteicho, in the Regional Unit of Evros | 29 |
| Ages >= 37 years | 58% |
| Married | 58.5% |
| Income 12,000 – 24,000 Income 24,000 – 36,000 |
57% 29% |
| Market Value (Average) | 152,000 euros |
| Square Meters (Average) | 88 sq. m. |
| Year Built (Average) | 1982 |
| Income (Average) | 21,000 euros |
| Beneficiary Age (Average) | 38 |
The above data indicate that this is the largest housing support program implemented in the country in recent decades.
Official data clearly show that a program with an absorption rate of over 90% and coverage of 85% of the target beneficiaries, even before the loan contract period has ended, has achieved its goal and cannot be characterized solely as a “missed opportunity,” as alleged in public discourse.
At this point, it is worth noting that, in total, the “My Home I” and “My Home II” have approved 24,095 loans and have already contracted 20,080 loans.
B. The comparison with the 38,000 pre-approvals is methodologically flawed
As for the claim that “55% of beneficiaries were left out”, this is based on a comparison of two incomparable figures.
The 38,000 pre-approvals pertain to the initial credit assessment stage by the banks and in no way equate to inclusion in the program, for the following reasons:
- pre-approval of financing is a standard preparatory stage internationally.
- A significant number of interested parties submitted an application and received pre-approval from more than one credit institution, resulting in the same applicant being counted multiple times.
- Pre-approval does not imply a commitment by the applicant to proceed, nor does it require the submission of a specific application to join the program. Some applicants did not continue the process for personal, family, or financial reasons, unrelated to the availability of properties on the market.
- Pre-approval does not entail an obligation to take out a loan or to purchase a home. Many interested parties sought pre-approval to explore their financing options and ultimately chose not to proceed with a purchase, postpone their decision, or seek other housing solutions.
- To apply for the program, the beneficiary must have already identified a suitable eligible property, which must have and an electronic property ID. This does not imply that all 38,000 pre-approved applicants already have a suitable property. Consequently, comparing the 000 program beneficiaries with the 38,000 pre-approvals leads to incorrect conclusions, as the pre-approvals do not correspond to an equal number of individuals nor to final applications for inclusion.
C. The “My Home I” and “My Home II” and the housing supply
The “My Home I” and “My Home II” programs were designed as a tool for financial accessibility: they address the barrier to new households accessing affordable bank loans, with interest rate subsidies of 75% and 50%, respectively, for the entire duration of the loan.This goal was achieved by: 24,095 households that under normal market conditions would never have been able to purchase a home, with a mortgage payment equal to or less than the rent they would have paid.
Regarding allegations of rising real estate prices due to the “My Home I” and “My Home II,” it is emphasized that real estate price increases in Greece preceded the “”My Home” programs 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.
