Greece Announces Major Initiative for Affordable Housing

This initiative, aimed at providing affordable housing to low-income individuals, will involve significant private sector participation.

The project will unfold in multiple phases, targeting under-utilised state assets, primarily land plots. Currently, 1,600 state properties are being evaluated for their suitability and marketability. The first phase will include approximately 100 plots within town planning zones, totaling 627,000 square metres, with a third located in Attica and the remainder spread across other cities.

Among the initial properties to be tendered by year-end are plots in Maroussi, Kifissia (11,000 sq.m.), and Paeania (20,000 sq.m.), as well as in Larissa (40,000 sq.m.), Volos (74,000 sq.m.), Patra, Halkidiki, Serres, Agrinio, and Xanthi (28,000 sq.m.). These areas are experiencing high demand for affordable housing, particularly for students and local workers.

The initiative aims to develop 2,500 homes for 5,000 young beneficiaries, aged up to 39, with annual incomes between 10,000 and 16,000 euros for singles, and up to 24,000 euros for married couples. The project will be financed through concession contracts, where developers will build the residential complexes and allocate a portion to the state for affordable rental or purchase.

Source: GCT