Prospective homebuyers interested in the “My Home 2” program launching in early 2025 will face significant time pressure to secure suitable properties. While a substantial number of properties technically meet the program’s requirements – over 50% of homes currently on the market – many are older buildings requiring extensive renovation. Many available properties are also problematic, being either too small or located in less desirable spaces like basements or semi-basements of apartment buildings, making them unsuitable for typical family needs.

The program targets citizens between 25 and 50 years old, with specific income restrictions: single applicants must earn no more than €20,000 annually, while married couples can earn up to €28,000, with an additional €4,000 allowance for each child. Properties must be valued at no more than €250,000, measure up to 150 square meters, and have been constructed no later than 2007.

Loans under the program can reach up to €190,000, covering 90% of the property’s contract value. For a property priced at €250,000, buyers need to have at least €60,000 in available funds to cover their portion plus additional expenses such as real estate agent fees, notary costs, and Land Registry registration fees. Loan terms vary from 3 to 30 years, with current projections suggesting interest rates below 2%.

Looking at regional availability based on program criteria (properties up to 150 square meters, priced up to €250,000, built before 2007), the situation varies significantly across different areas:

In the northern suburbs, just 10% of available properties meet the program requirements, largely due to high market prices. Of these qualifying properties, roughly 60% were built before 1980, 30% between 1980 and 2000, and only 11% between 2000 and 2007.

The southern suburbs show even more limited options, with only 20% of properties meeting program criteria. Of these, 70% are over 40 years old, 20% were constructed between 1980 and 2000, and a mere 6% were built between 2000 and 2007.

Western suburbs offer more opportunities, with over half the properties qualifying for the program. However, most of these properties are older and will require additional investment for renovation.

In downtown Athens, approximately 60% of available properties qualify for the program, though more than 80% of these were built before 1980. Meanwhile, in Thessaloniki, 70% of properties meet the basic program requirements regarding size, price, and construction date, but 90% of these are over 40 years old.