«Spiti mou 2»: Program Slowdown – Decrease in Mortgage Loans

The «Spiti mou 2» program appears to be slowing down, with a decrease in mortgage loans. Despite the effort to provide low-interest loans for first-time homeownership, the program has not significantly revived mortgage lending.

According to Eurobank economists, the rise in housing market prices, combined with the improvement in incomes, has worsened housing affordability. This situation is causing concern due to the economic and social impacts, especially amidst the rising cost of living.

Data from the Bank of Greece (ΤτΕ) confirms the drop in demand for mortgage loans in the second quarter of 2025. The inflow of applications to the «Spiti mou II» program decreased compared to the first quarter of 2025.

The main problems of the program are the limited availability of properties that meet the specifications and bureaucracy. Deputy Minister of National Economy Nikos Papathanasis stated that the program is at 53% of its implementation and is expected to cover 20,000 beneficiaries by the end of the year.

One issue is whether the program benefits those who really need it, as those with own capital have an advantage. In addition, the age criterion of the properties limits the choices, as the available houses are often old and require high amounts for renovation.

Sellers often prefer buyers with liquidity, which makes participation in the «Spiti mou 2» program more difficult.