The “Spiti Mou II” program is entering its final stretch, leaving behind one key conclusion about the housing crisis: the problem is not only access to cheaper borrowing, but mainly the lack of available, suitable and affordable homes.
According to figures published by *Kathimerini*, of the 38,000 prospective buyers who received pre-approval for a mortgage through the program, only 17,000 — around 45% — managed to buy a home or are in the final stage of signing a contract. By contrast, around 21,000 approved beneficiaries, meaning more than half, were unable to find a property that met the program’s requirements, mainly in terms of value, age and condition.
The program subsidizes 50% of the interest rate for the entire duration of the loan, bringing the average interest rate close to 2.3% — about half that of a conventional mortgage.
The program ended in early June, but an extension was granted until August 31 for around 6,000 beneficiaries who have already found a home and are waiting for the completion of their contracts. In total, commitments have reached €1.8 billion out of the available €2 billion in funds, while around €1.2 billion has been disbursed to more than 11,000 beneficiaries.
“Spiti Mou II” subsidizes 50% of the interest rate for the full duration of the loan, bringing the average interest rate close to 2.3%, roughly half that of a conventional mortgage. However, market executives estimate that the “Spiti Mou I” and “Spiti Mou II” programs have contributed to an increase of up to 30% in the prices of homes that meet the criteria, thereby limiting part of the benefit for buyers.
Source: Kathimerini
Πηγή: Καθημερινή
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