"My Home II" Fuels Demand, But Greek Real Estate Market Faces Challenges

17:09 20/1/2025 - Πηγή: iEfimerida

The "My Home II" housing program has ignited a surge of interest in the Greek real estate market, signaling continued growth in property prices and rental rates for 2025.

However, experts warn that challenges lie

ahead, including potential deterrents for investors and a pressing need for affordable housing solutions.

Ioannis Revythis, honorary president of the Athens Association of Realtors, predicts that new government policies, such as adjustments to the Golden Visa program and changes impacting short-term rentals, could discourage some investors.

Despite positive developments like tax exemptions and the "My Home II" program, he stresses the urgency of reforms to streamline real estate transactions and reduce bureaucratic hurdles.

Property prices are expected to rise further, particularly in Athens' city center, suburban industrial zones, and popular islands.

High demand is anticipated for energy-efficient offices, prime development plots, and luxury vacation homes. Rental prices are also projected to remain elevated in major cities and tourist areas.

Revythis emphasizes the need to address urban overcrowding by incentivizing regional development.

He proposes relocating government agencies, improving infrastructure, and building new public housing to alleviate pressure on urban centers.

Data from Spitogatos' property index confirms the upward trend, with average sale prices increasing by 7.9% year-over-year in the fourth quarter of 2024.

Rental prices also saw a 5.8% year-over-year increase.

While the "My Home II" program is making homeownership more accessible, Revythis highlights the need for additional measures to address the affordability gap for low- and middle-income families.

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