The new “Renovate” program is expected to launch in May, aiming to bring thousands of closed properties back onto the market, while also, for the first time, supporting owner-occupied homes that require substantial renovation works.

As stated by Deputy Minister of National Economy and Finance Nikos Papathanasis, discussions with Brussels have been completed and, once the current “Energy Saving” (Exoikonomo) cycle closes, a program will open that— for the first time in Europe—finances not only energy upgrades but comprehensive, holistic home renovations.

The “Renovate” program applies to both occupied and vacant properties across the country and consists of two mandatory components.
The first is the renovation component, covering general and functional works such as structural improvements, plumbing and electrical installations, reinforcement of masonry, replacement of flooring, full renovation of bathrooms and kitchens, painting, and repair of wear and damage.
The second is the energy upgrade component, which includes mild energy-efficiency interventions, without the strict requirements of programs such as “Energy Saving”.

Both components are mandatory. Renovation works must account for 60% to 80% of the total application budget, while energy upgrades must represent 20% to 40%. The goal is for the dwelling to improve by at least one energy class, from G to H, with the mandatory issuance of an Energy Performance Certificate (EPC) before and after the interventions.

Eligible energy upgrades include, among others: replacement of old windows and doors with thermally insulated ones, installation or replacement of a solar water heater or other renewable energy systems for domestic hot water, replacement of heating and cooling systems with a heat pump or biomass boiler, and targeted thermal insulation works on roofs or terraces.

At least three energy interventions must be implemented, two of which must come from the core, low technical complexity measures, in order to ensure energy upgrading without excessive cost.

The total budget of the program is expected to reach €500 million, aiming to renovate 15,000 to 20,000 homes, mainly older apartments from the 1980s and 1990s. Eligible properties must have a building permit issued up to 31 December 1990, be legally existing, and have a surface area of up to 120 sq.m. The maximum grant reaches €36,000, calculated per square meter, with a cap of €300 per sq.m., while any excess costs are not covered.

The base subsidy rate is set at 80%, with increases of 5% for island and mountainous areas and an additional 5% for families with three or more children, large families, and households with persons with disabilities. These increases are cumulative, allowing the subsidy rate to reach up to 90%. There is no age limit for applicants and no restriction on the number of applications per owner, as the main objective is to increase housing supply.

The program applies both to vacant properties—which after renovation must either be occupied by the owner or rented out under a long-term lease for at least five years—and to occupied, owner-occupied properties, which must remain the primary residence for the same period. Short-term rentals (such as Airbnb) are explicitly prohibited for properties receiving funding, also for five years following project completion.

Income thresholds reach up to €25,000 for single applicants and €35,000 for married couples without children, with increases of €5,000 per child, while special provisions apply to single-parent households. These limits refer to household income and significantly broaden the pool of potential beneficiaries.