Price impact from ‘My Home’

Sale prices of older homes are soaring this year, rising faster than prices of recently built residences.

The motorboat of the caller rhythm of the “My Home” programme seems to beryllium the main origin for the supra development, having directed astir of the request toward older homes, and their prices higher, adjacent for properties implicit 40-50 years old.

According to information from the caller Apartment Price Observatory, compiled by chartered surveyors Geoaxis for the third 4th of 2025, the yearly summation successful the prices of recently built homes amounted to 6%, but that of older ones was adjacent greater, astatine 6.65%.

A akin decision is drawn based connected the people of the Bank of Greece lodging terms indices, arsenic successful the 2nd 4th of 2025, older homes accrued by 7.6% and recently built homes by 6.8%. 

The 2nd rhythm of the programme started astatine the opening of the year, with prices rising comparatively quickly, owed to accrued demand, particularly for secondhand homes. The terms of the programme are such that request is concentrated successful aged and low-quality properties, whose values, however, are expanding sharply, besides owed to speculation by some owners.

Eligible properties are those that were constructed with gathering permits issued by end-2005 (and completed by end-2007), so astatine slightest two decades old.

However, due to the fact that the maximum indebtedness value is acceptable astatine 190,000 euros and the maximum value astatine €250,000, there is fertile crushed for appreciations successful older apartments. Therefore, the payment from the information that 50% of the indebtedness has a zero involvement complaint fundamentally evaporates astatine the start of each transaction, owed to the hikes that would not person happened had it not been for the program. 

A akin trend was observed successful 2023, when the archetypal programme ran, which offered astir interest-free financing for the full loan. According to BoG terms indexes, while successful '22 recently built apartments accrued by 12.5% and older ones by 11.6%, successful 2023, when “My Home” began, the representation was reversed: Older ones roseate 14.5% and caller ones 11.6%.