Cheap housing: The 6+1 axes of policy for social housing including “Golden Visa” to follow Portuguese model to prevent “housing distortion” in marketplace

A budget  of 1.74 billion euros  is provided for the “My Home” program , which includes measures for the housing of young people and citizens up to 39 years of age, students and vulnerable households and is addressed to more than 100,000 beneficiaries . The initiatives are intended to act as a “bulk” against skyrocketing rental prices and help with housing for citizens who cannot afford it. 

The government policy for cheap housing , under the name ” My House”, is placed on a total of seven axes, which aim to reduce the high cost of housing, increase the ownership of young people and support young people and young couples for housing rehabilitation.

At the same time, the government aims to modernize and upgrade old properties, alleviate the distortions that exist in the housing market, giving incentives for cheap long-term leases and finally addressing the demographic problem.

It is a program worth 1.74 billion euros , which will address over 100,000 beneficiaries with a series of initiatives, in order to acquire or rent a cheaper home.
As the Minister of State Mr. Akis Skertsos characteristically stated during his introductory statement for the presentation of the program “it remains very difficult” the issue of buying and renting the first home, especially for young people and pointed out that incentives will be given for the facilitating the independence of young people. Measures in this direction will also provide a solution to the demographic problem.

Six + one policy axes

1. Low interest home loans for young people

2. Social compensation – Mass renovation of empty private houses

3. Exploitation of the immovable property of the State

4. Energy upgrade and renovation subsidy

5. Subsidy for renovation of empty houses

6. Creation of new and modern student residences

+Increase of the student allowance

More detail:

Special loan program

A special loan program will be in effect for the purchase of first homes up to 120 m2 and built up to 2007, initially amounting to 500 million euros, with co-financing of 375 million euros from the state from DYPA and 125 million euros from the banks.

The aim of the measure is to ensure an interest rate of 1% for the purchase of a first home in areas with older buildings, by citizens aged 25 to 39.

According to the examples given by the government staff, a couple, with minimal participation, will buy a house worth 100,000 euros with monthly installments of 275 euros.

For the implementation of the measure, special income criteria are established corresponding to those of the heating allowance, which allow lending to those who have a minimum income criterion of 10,000 euros and a maximum income limit corresponding to the heating allowance. That is, an annual total family income of 14,000 euros for debtors who are single, widowed or separated and an income of 20,000 euros for married people.

It is noted that the amount is increased by 3,000 euros for each child.


  • The loan will be interest-free for three and multiple children or if the beneficiary has 3+ children while repaying.
  • At the same time, there is a provision for doubling the budget in case of exhaustion of the available resources.
  • Implementation will begin in the first quarter of 2023

“Coverage” program (former Home)

After the completion of “Estia 1”, the State will start a program to lease at least 1,000 private properties, in the first phase, for three years, which will be made available through express procedures and very low rent to vulnerable households with priority to families with many children, three children and single parents .

The program will start by the end of the year:

  • Until 12/2022 with the invitation to the owners of the properties of the ESTIA program to pay the rents they received, for an additional 3 years.
  • Until 02/2023 participation invitation to beneficiaries of the Minimum Guaranteed Income.
  • By 3/2023 completion of repair of apartments (where needed) and start of housing beneficiaries.

As announced, coverage is provided for 2,500 beneficiaries aged 25-39 and beneficiaries of EEE.

Program for the utilization of empty private houses

European funds of €200 million will be provided for the massive renovation of 4,000 long-vacant properties to be let by owners for 5+ years.

Beneficiaries are 10,000 young people and couples aged 25-39 who will live in renovated houses.

According to the schedule:

  • In the 4th quarter of 2022, the specifications of the houses to be rented and the eligibility criteria of the beneficiaries will be determined. in the same period will be the invitation to interested owners to grant their properties.
  • In the 1st and 2nd quarter of 2023, the selection and renovation of houses and the invitation to the beneficiaries will take place.
  • The 3rd and 4th quarters of 2023 will see the selection of the beneficiaries and the completion of the renovations.
  • In the 1st quarter of 2024, the beginning of the housing of the beneficiaries will take place.

Social housing for vulnerable groups (Pilot program)

The measure includes the cost of renovating 100 apartments and the cost of repairing any damage caused by the beneficiaries’ stay. 70 of them are in the Municipality of Athens and another 30 in the Municipality of Thessaloniki.

The beneficiaries are more than 200 young people and young couples up to 39 years old, with the eligibility criteria to be determined by December this year.

As mentioned, the budget amounts to 1.5 million euros from the Recovery Fund, while the project is at the stage of signing program contracts with the Municipalities.

The implementation schedule:

  • Beneficiary eligibility criteria will be finalized in the 4th quarter of 2022.
  • Within 2023, the housing will be found, evaluated and finally selected.
  • In 2024, the renovation of apartments and selected beneficiaries will take place.
  • Finally, in the 1st quarter of 2025, the apartments will be available for sale.

Social compensation

Utilization of State properties to provide low-rent housing. The social compensation measure concerns public plots and buildings. As announced, government idle assets will be offered to private developers and they will, at their own expense, build modern housing.

Half will be rented at a low rent to new tenants, while the remaining spaces will be used commercially by private individuals.

The goal is to build 2,500 social housing for 5,000 young beneficiaries up to 39 years of age.

Student residences and student allowance

The places in five modern student residences at the Universities of Crete, Thessaly, Western Macedonia, Thrace and Western Attica will be increased by 8,150.

The sites have already been determined and the projects will be done with PPP.

At the same time, it is planned to increase the student housing allowance from 1,000 to 1,500 euros and to 2,000 euros for students who live together.

Beneficiaries are 50,000 university students and IEK students, with a budget of 75 million euros.

As noted, the effect of the year will be retroactive, with application from September 2022. While there is a special provision for those studying in the country’s three Akriti universities.

“Save and Renovate” for young people

The new cycle of “Save and Renovate” will concern 20,000 young people aged 18-39 and will be targeted to increase home ownership and renovate older homes, with a total budget of 350 million euros.

In “Excoionamo” each beneficiary will receive up to 25,000 euros for energy improvement interventions in their property, with subsidy rates ranging from 50% to 90%.

In “Renovate” each beneficiary will receive up to 10.00 euros for renovation interventions with a subsidy rate of 30% for all.

At the same time, in order to cover the same participation by young people, in “Excoionamo” the borrowing will be interest-free, while for “Renovate” a low-interest loan of up to 7.00 euros is provided.

It is noted that the implementation schedule places the start of the program in December this year.

Golden Visa

The “Golden Visa” program will have a “reinforcing” character, in order to increase the available properties for Greeks. Specifically, as it has been announced, the investment limit for the granting of this license has been increased from 250,000 euros to 500,000 euros and the aim is to implement best European practices to limit the distortions of the housing market, with Portugal as an example.


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