A new and unprecedented scheme, which aspires to change the housing map, is being prepared by the government for 2026, giving “life” to homes over 30 years old.

The plan provides subsidies for renovation and energy upgrades of old homes, with increased income criteria, a cap on square footage, and a goal of bringing thousands of old properties that are currently falling into disrepair back onto the market.

The winners will be owners of homes built from the early 1990s and back, but also new buyers who want to invest in low-cost old homes with government assistance.

This is a flagship programme at the European level, combining green upgrading and social policy to support middle-class households and bring down house prices.

As revealed by Nikos Papathanasis, the deputy minister of economy and finance, Nikos Papathanasis, the new scheme will allow partial energy upgrades of 20%-30% and renovation of 60%-80% of properties. It will be accompanied by extended income limits compared to the “My House 2” scheme, to allow more families to join, and will include a maximum square footage limit to exclude large homes.

The current income limits in the “My House 2” program are 20,000 euros for single people, 28,000 euros (plus 4,000 per child) for married people, and up to 31,000 euros (plus 5,000 per child) for single-parent families. The new programme is expected to increase significantly to cover a larger portion of citizens who are currently left out.

The initiative is part of the European strategy for sustainable and affordable housing, with final details to be locked in with the European Commission as part of the review of the ESPA. If all goes smoothly, the programme will open for applications after February 2026, just after the end of the current “Econo”.

Today, “My House 2” has already covered more than 65% of the €2 billion budget, with 11,000 loans worth €1.25 billion approved. Most of the subscriptions concern incomes of up to 24,000 euros and areas of the periphery – evidence that the new programme will also give a boost to old homes outside major urban centres.