The platform for the “Renovate – Rent” program opens on February 21, allowing thousands of property owners in Greece to renovate an old, unoccupied residence with a subsidy of up to 8,100 euros, provided they rent out the property for at least three years.
The “Renovate – Rent” program has been significantly improved, with the subsidy now covering 60% of renovation costs, up from 40%, for expenses up to 13,500 euros. This means eligible property owners can receive up to 8,100 euros in funding.
Minister of Social Cohesion and Family Affairs, Sofia Zacharaki, emphasized that the initiative focuses on functional upgrades that facilitate long-term leasing, which is a requirement for receiving the second installment of the subsidy.
The program has become more attractive through key changes, including the expansion of eligible renovation expenses and the removal of restrictions for property owners who have received energy upgrade subsidies in the past five years.
Additionally, the favorable conditions now apply retroactively to those already enrolled.
To qualify, for the “Renovate – Rent” program, property owners or usufructuaries must meet specific income and property criteria. They must own at least 50% of the property, which should not exceed 100 square meters and must be located in a residential area.
The annual taxable family income cannot exceed 40,000 euros, and the total property value must be under 300,000 euros.
Furthermore, the property must not have been declared as a primary residence or as rented in recent tax filings but must be listed as vacant for the past three years.
New expense categories eligible for subsidies now include specialized contractors, telecommunications services, industrial supplies, commercial and business equipment, chemical products, property management services, and rental of equipment.
To receive the subsidy, all invoices must be paid electronically, and the renovated property must be leased for at least three years.
