Where are the average asking prices of houses for sale in Attica and the Prefecture of Thessaloniki and how the supply is distributed?
As the "My home 2" housing program has already been launched, Spitogatos Insights offers a detailed analysis of current property price trends and the distribution of properties for sale that align with the newly announced criteria. This analysis is based on the Spitogatos Price Index (SPI), which reflects real-time pricing trends in the Greek real estate market, derived from millions of actual listings on Spitogatos – Greece’s leading property listing platform.
It is evident that the announcement of the "My Home 2" program has significantly increased demand for real estate across various regions of Greece. Data from October 2024 reveals that 43% of all properties for sale in the country now meet the criteria set forth by the "My Home 2" program. Furthermore, supply has risen by 16% under the updated criteria compared to the original "My Home" program.
For first-time purchasers, "My home 2" provides better financial circumstances, especially during a period of growing real estate values. It offers subsidized loans with income requirements modified for family status, focusing on people and couples aged 25-50.
Specifically, it is addressed to individuals or couples between 25 and 50 years old with an income:
- Up to €20,000 for unmarried persons,
- Up to €28,000 for couples + €4,000 per child,
- Up to €31,000 for a single parent family plus €5,000 for each child.
In addition, it concerns properties (residences) with a contract value of up to 250,000€, up to 150 square meters and a construction year up to 2007.
Attica & Thessaloniki: Average asking prices for homes on sale
An analysis of the asking prices (AAP) for homes for sale that meet the criteria of “My home 2” in different parts of Athens reveals significant variations. For example, in the Northern Suburbs of Athens, someone who wishes to purchase a home through the “My home 2” program can find a home that is built in 1978, has approximately a surface area of 77sqm and costs on average €195,000. More affordable options can be found in the Center of Athens and the Suburbs of Piraeus, where a home with an average size of 80 sqm and built in 1977 is listed for approximately €140,000.
Focusing on the Center of Athens, a property that could be eligible for the "My home 2" program in the Pagkrati area has a median price of €160,000, surface area of 60 sqm and was built in 1970. In Glyfada, located in the southern suburbs, a comparable home is being sold at around €200,000, has an average size of 65 sqm and was built around 1970. In the Center of Piraeus, a similar property is listed for €185,000, with an average size of 66 sqm and was built in 1974.
In Thessaloniki, property prices that meet the criteria of "My home 2" also show some differences. In the Municipality of Thessaloniki, median asking price is €125,000, with an average size of 57 sqm and built in 1970. In the rest of the Thessaloniki prefecture, the average price drops to €80,000 for a 90 sqm property built in 1982.
Supply distribution of properties meeting "My home 2" criteria
Spitogatos Insights additionally investigated the distribution of available properties that fit the requirements of the "My home 2" program in Athens and Thessaloniki, given that demand is still higher than supply. The city center and Southern Suburbs of Athens contain more than 55% of the eligible properties. Just over 8% of the available properties that fit the program's criteria are in the Piraeus region and the Western Suburbs.
Over half of Thessaloniki's available properties meeting the program's requirements are located in the downtown area, with 37.7% of those situated in the suburbs. Just 2.5% of the supply is still available in other areas of the region.
