With a focus on increasing housing availability and reopening the housing supply “spigot,” the government is preparing to unveil an ambitious new package of measures. The centerpiece will be a €400-500 million program, funded to support the renovation of older homes, which Prime Minister Kyriakos Mitsotakis is expected to announce today from the floor of Parliament during the budget debate.

According to Kathimerini, the government’s goal is to boost housing supply to contain rising prices through two main initiatives:

• a renovation subsidy program, and

• a social housing support program.

The new scheme, still under negotiation with the European Commission, has its key parameters already finalized. It will offer subsidies—not loans—for homes built before 1990, covering up to 80% of renovation costs.

A mandatory component will be energy upgrades, which may be limited to 20% of the total renovation cost. The remaining 80% can be used for improvements such as plumbing, electrical work, and kitchen and bathroom renovations. The subsidy will provide up to €300 per square meter and will apply to residences up to 120 square meters in size.