Greek Minister of State Akis Skertsos confirmed on Friday that Greece's national housing strategy has exceeded 6.5 billion euros in funding as state programs helped more than 23,000 households secure their first home over the past three years.
Writing in a social media statement following the conclusion of the My Home 2 initiative, Skertsos emphasized that owning a primary residence is a fundamental right rather than a privilege. He stated that government interventions are designed to make housing realistic and affordable for younger citizens looking to build families.
According to figures released by the minister, the scale of the state assistance delivered over the three year period is equivalent in population terms to providing homes for an entire major Greek city, comparing the impact to communities such as Kalamata, Chania, Alexandroupoli, or Ioannina.
Scale of the national housing strategy
Skertsos highlighted the social and demographic dimensions of the property market, arguing that housing security directly influences family planning and population growth. He noted that young couples are far more likely to have children when they possess stable, affordable housing.
Reflecting on generational shifts, the minister pointed out that while earlier generations of Greeks considered homeownership self-evident, the severe Greek financial debt crisis made purchasing property significantly more difficult for current young adults. Addressing this imbalance, he said, requires sustained intervention from the state.
The background to these measures lies in Greece's extended economic downturn during the 2010s, which severely disrupted domestic construction and tightened mortgage lending across the country. Kalamata and Ioannina in mainland Greece, alongside Chania in Crete and Alexandroupoli in northern Greece, represent key regional urban centers where local demand for modern housing remains high.
Origins and structure of state housing programs
Tracing the evolution of the national policy, Skertsos explained that initial planning began in 2022 when he collaborated with government officials Kostis Hatzidakis and Spyros Protopsaltis to launch the original My Home scheme. The program was created as part of a systematic effort to balance limited housing supply with rising market demand.
To ensure long term administrative oversight, the Greek government subsequently established the Ministry of Social Cohesion and Family. The new ministry was explicitly assigned responsibility for housing policy to coordinate state efforts toward critical social objectives.
The minister explained that the broader national strategy now operates with resources exceeding 6.5 billion euros, combining public funding and targeted loan subsidies to assist first time buyers across Greece.
Mortgage subsidies and program breakdown
Detailed figures provided by Skertsos show that the first phase of the initiative, known as My Home I, resulted in 8,900 signed mortgage loan contracts. The subsequent phase, My Home II, was financed through the European Union Recovery Fund and enabled more than 14,100 households to buy an affordable primary residence.
Together, the two phases have enabled more than 23,000 households, including thousands of young people and families with children, to purchase their own property. Skertsos noted that state interest rate subsidies ensure monthly mortgage repayments under the programs remain significantly lower than standard commercial rental prices.
The European Union Recovery Fund, officially known as the Recovery and Resilience Facility, was established by the European Commission to support economic resilience and structural reforms across member states following global economic disruptions.
Broader housing initiatives and market conditions
Skertsos emphasized that the My Home loan programs represent only one element of a wider government strategy. He directed citizens to the official digital portal stegasi.gov.gr, which outlines more than 40 distinct housing policies designed to expand property availability and support household incomes.
Addressing overall market conditions, the minister observed that Greece has historically maintained higher rates of homeownership than the European Union average. However, homeownership rates began to decline during the years of the financial crisis.
Although Greece remains above the European average, Skertsos acknowledged an ongoing shortage of modern housing suitable for new families, attributing the shortfall to an aging national building stock and a decade long slump in residential construction.
Concluding his statement, Skertsos reaffirmed the government's determination to reverse these trends. He stated that restoring homeownership as an achievable goal for the current generation and their children remains a primary obligation for the state administration.
