Greece Unveils Bold €6.5 Billion Housing Plan with Sweeping Property Market Reforms

Greece has just approved a sweeping National Housing Policy Strategy 2026-2035, a €6.5 billion roadmap set to redefine its property market over the next decade. This ambitious plan, which includes 14 brand-new measures and a total of 50 interventions, signals a significant shift in government focus: from simply supporting buyers to actively boosting the supply of homes and making them more affordable. The detailed rollout of these reforms is expected to feature prominently around the upcoming Thessaloniki International Fair. This urgent pivot comes as Greece grapples with a deepening housing affordability crisis. While property values have now climbed past their pre-2008 financial crisis peaks, particularly in major cities like Athens and Thessaloniki, many ordinary families, young people, and public sector workers are struggling to find homes they can afford. This paradox exists despite the country having a large number of vacant properties, often due to a lack of incentives for owners to place them on the long-term rental market. Programs like the 'Golden Visa' have also contributed to increased demand in certain areas, further highlighting the need for balanced interventions. Looking ahead, the strategy promises cheaper loans through a new 'My Home' model inspired by France's interest-free loan scheme, aiming to make homeownership more accessible. Significant investments are earmarked for social housing and student accommodation, with plans for nearly 20,000 affordable homes and 8,500 student beds. Owners are being incentivized with renovation subsidies and tax breaks to convert vacant properties or short-term rentals into long-term leases. Expect further adjustments to the Golden Visa program, faster building permits using AI, and the establishment of a new Unified Housing Policy Agency to oversee these long-term changes, with the first steps of implementation scheduled through 2027 and broader planning extending to 2030.