The Greek government is preparing to launch a new home renovation subsidy program aimed at bringing thousands of vacant or deteriorated properties back onto the rental market amid ongoing housing shortages and rising rental costs.
The initiative, known as “Renovate,” is expected to be presented by the end of May and will operate with a total budget of €500 million. Authorities say the program is designed to increase the availability of housing while revitalizing neighborhoods with long-abandoned apartments.
Two-Phase Rollout
The scheme will be implemented in two stages. The first phase will focus on vacant homes that are currently not available on the housing market. Property eligibility checks will be carried out first, with the application process scheduled to begin in September.
A second phase will later target owner-occupied homes, aiming to improve living conditions for households through renovation works rather than increasing rental supply.
Grants of Up to €36,000
One of the most significant changes compared with previous programs is the increase in financial support available to homeowners.
The maximum eligible expenditure will rise from around €10,000 under the previous version of the scheme to as much as €36,000 per property. Funding will be calculated at up to €300 per square meter for homes of up to 120 square meters, allowing for more extensive renovation projects rather than basic repairs.
Government support is expected to cover between 80% and 90% of eligible renovation costs. Additional increases of 5% will be available for larger families, households that include people with disabilities, and properties located in mountainous or island areas.
Income Criteria
Eligibility will be subject to income thresholds. The proposed limits include annual income of up to €25,000 for single applicants, up to €35,000 for couples with an additional €5,000 allowance per child, and up to €39,000 for single-parent families, with further increases for additional children.
Focus on Renovation Works
Unlike previous housing programs that placed greater emphasis on energy efficiency upgrades, the new scheme prioritizes broader renovation needs.
Under the proposed structure, 80% of supported works will be dedicated to renovation projects, while 20% will focus on energy-related improvements. The goal is to address the overall condition of older properties, many of which require substantial upgrades beyond energy performance improvements.
A dedicated online platform is expected to open in early June, allowing property owners to verify whether their homes meet the eligibility criteria. Those who qualify will then be able to submit formal applications when the next phase opens in September.
