In less than an hour, over 1,000 people applied for low-interest mortgage loans under the Greek government’s expanded “Spiti Mou II” (“My Home”) initiative. The second phase of the program provides low-interest mortgage loans of up to 150,000 euros to young people or couples aged 25-39 to help them purchase their first home.

The initiative is funded by the Public Employment Service (DYPA) and overseen by the ministries of Labor and Development. It has already sparked massive interest, with reports indicating that applications soared to 25,000 within the first 25 hours of the program’s launch.

Greek Prime Minister Kyriakos Mitsotakis highlighted the initiative’s success in a social media post, emphasizing the importance for society.

“We designed this second phase to be even fairer and more accessible,” said Mitsotakis. “The age limit has been raised and income criteria has been adjusted to include those excluded from the first phase. In this way, 20,000 citizens will be able to acquire their own home with loan installments often less than what they would pay for rent,” he said.

In total, 20,000 applicants will gain access to 2 billion euros in low-interest, two-year loans to purchase their first homes.

In recent years, urban centers across Greece have been grappling with a significant housing crisis. Many attribute the shortage of long-term housing to the country’s popular Golden Visa program, which has attracted hundreds of foreign investors purchasing properties for Airbnb rentals. Additionally, the rapid expansion of international hospitality groups, opening dozens of new hotels, has further exacerbated the problem.

Compounding the issue are Greece’s extremely low salaries, making the prospect of homeownership for young people increasingly unattainable.

In response to this growing crisis, the government introduced the “Spiti Mou” program, aimed at assisting couples and young individuals in acquiring their own homes.

Application Process

Interested individuals must submit their applications through a bank of their choice. Required documentation includes a Certificate of Eligibility, which can be obtained via gov.gr by signing into the government’s tax system (TAXIS). Once eligibility is confirmed, applicants must present the necessary paperwork to the selected financial institution.

Energy Efficiency Upgrade Program Coming Soon

energy

In addition to the housing initiative, Greece plans to launch another program by the end of the month aimed at subsidizing home energy upgrades. The “Anavathmizo to Spiti Mou” (“I Upgrade My Home”) scheme offers interest-free loans of up to 25,000 euros with no income or age restrictions. Beneficiaries can use the funds to upgrade primary or secondary residences with loan terms ranging from three to seven years.

Eligible expenses include thermal insulation, heating and cooling systems, solar water heaters, window frame replacement, installation of green roofs.