At the beginning of June, barring any unforeseen developments, the platform for the new “Renovate” program is expected to open. It comes revised and with a clearly more practical aim: to genuinely cover renovation costs and bring thousands of homes—currently vacant or degraded—back onto the market.

Unlike the previous program, which was limited to narrower interventions and failed to mobilize owners on a large scale, the new version is designed to function as a comprehensive housing policy tool.

The first major change is its structure. As explained by the Ministry of National Economy and Finance, the new “Renovate” is not a single undirected package but is divided into two mandatory components: renovation and energy upgrading.

Both must be implemented, meaning the owner cannot choose only part of the work. The logic is clear: to avoid superficial fixes and ensure a substantial upgrade of the property.

The renovation component includes all the essential and functional work required to make a home fully habitable. This includes plumbing and electrical installations, structural reinforcement, repair of damage, floor replacement, full renovation of bathroom and kitchen, as well as painting. In simple terms, the program covers the core works that until now have been the main obstacle for property owners.

Energy upgrade

At the same time, the energy upgrade component complements the picture, but under milder conditions compared to programs like “Exoikonomo.” Interventions include replacing frames with thermal-insulating ones, installing or replacing solar water heaters or other renewable energy systems for hot water, replacing heating and cooling systems (such as heat pumps or biomass boilers), as well as targeted insulation work. At least three of these interventions must be carried out, two of which must belong to the basic, low technical difficulty category, ensuring energy improvement without excessive cost.

The budget distribution between the two components is also defined. Renovation will cover 60%–80% of total expenditure, while energy interventions will account for 20%–40%. In this way, the program prioritizes essential works that make a property functional, while still addressing the need for energy efficiency.

Another key requirement is energy improvement. After the interventions, the property must improve by at least one energy class, from the lower categories (C to H). For this reason, an Energy Performance Certificate (EPC) is required before and after renovation to verify the improvement.

In financial terms, the new “Renovate” is clearly more generous. The total budget reaches €500 million, aiming to renovate 15,000 to 20,000 homes, mainly older apartments from the 1980s and 1990s. The subsidy is calculated per square meter, with a cap of €300/m², while total support can reach up to €36,000 per property.

The base subsidy rate is set at 80%, with possible increases. Specifically, an additional 5% is provided for properties in island and mountainous areas, and another 5% for special household categories such as families with three or more children and people with disabilities. These increases are cumulative, bringing the total subsidy up to 90%. In practice, this means that in many cases the owner may cover only 10% of the cost.

A significant change is also the range of beneficiaries. The program applies to both vacant and occupied properties across the country. For vacant properties, the owner must either live in them after renovation or rent them out on a long-term lease for at least five years. For owner-occupied homes, there is a corresponding obligation to maintain their use as a primary residence for the same period.

A particularly important provision is the explicit ban on short-term rentals (such as Airbnb) for five years after the renovation is completed. This aims to direct renovated properties toward the long-term rental market, increasing housing supply.

Income criteria

Income criteria are also broader. The limit reaches up to €25,000 for a single individual and up to €35,000 for a married couple without children, with an additional €5,000 per child. There are special provisions for single-parent households, and the limits refer to family income. This way, the program targets a larger number of beneficiaries, covering not only low-income groups but also a significant portion of middle-income households.

Another differentiating feature is that there is no limit on the number of applications per owner, nor any age restriction for applicants. The goal is clear: to increase housing supply as much as possible, without artificial constraints that would reduce participation.

The need for such an intervention is evident. Housing costs remain high, while international developments further worsen the situation. Price increases in construction materials continue, with steel, iron, aluminum, and timber all rising, while high energy costs affect both production and transport. The result is higher construction costs and, consequently, increased sale and rental prices.

This pressure is also reflected in Eurostat data, according to which Greece remains at the top in Europe in terms of the percentage of households spending more than 40% of their income on housing. Despite some improvement compared to the crisis years, the real cost of housing continues to rise relative to purchasing power.