The long-awaited new “Renovate” program is expected to be announced by the end of May at the latest, with the economic staff attempting, through subsidies of up to €36,000, to bring thousands of closed apartments back onto the market that remain inactive due to debts, multiple ownership issues, high renovation costs, or fear of unpaid rent.

With a budget of €500 million, the new housing program aims to function as a counterweight to soaring rents and the dramatic lack of available housing, activating part of the approximately 400,000 properties currently listed as vacant across the country.

The new program will focus mainly on renovation and less on energy upgrades of old properties, essentially changing the philosophy of previous “Exoikonomo”-type programs. The goal is to finance mainly the work an old house needs in order to become habitable again or return to the rental market, without requiring expensive and extensive energy interventions.

In two stages

According to the planning of the Ministry of National Economy and Finance, the eligibility process is expected to begin through gov.gr by the end of May, while the application process for beneficiaries will open on September 1. The program will effectively run in two stages, with the first concerning verification of the basic requirements and the second the final approval and activation of the subsidy.

The program will concern private residences that have either remained vacant for at least two years and will be offered for long-term rental, or owner-occupied properties used as a primary residence. It will cover homes up to 120 square meters with building permits issued by December 31, 1990, meaning mainly old apartments currently outside the market because they require significant restoration work.

The new “Renovate” program is considered the first program in Europe that allows, on such a large scale, financing for the renovation of private homes that remain vacant so they can return to the rental market, as well as owner-occupied homes. The key difference from previous programs is that the emphasis shifts from heavy energy interventions to the basic renovation work a home needs to become functional again.

€300 per square meter

The subsidy will be granted per square meter with a ceiling of €300 per sq.m., while the total support per residence may reach approximately €36,000. The basic subsidy rate will range between 80% and 90% of eligible costs, while additional increases of 5% are foreseen for families with three or more children, households with people with disabilities, and properties located in mountainous and island regions.

Income criteria will be based on the “My Home 2” model. This means income up to €25,000 for single individuals, up to €35,000 for couples with an additional €5,000 for each child, and up to €39,000 for single-parent families with an extra increase for every child beyond the first.

Interested applicants will also have to obtain an energy certificate before the final application, which will be a basic requirement for inclusion in the program. For this reason, many property owners are expected to begin gathering documentation and technical details as early as the summer so they are ready when the application platform opens.

The program focuses mainly on general renovation works, as the economic staff believes this is where the real problem lies for thousands of old homes. Thus, subsidies will mainly cover electrical and plumbing work, full bathroom renovations, tile replacement, painting, repair of damages, and general repairs required for a property to become habitable again.

At the same time, energy-related interventions such as replacing window frames and installing solar water heaters will remain eligible, though extensive energy upgrades will not be required. However, such interventions will not be allowed to exceed approximately 20%-30% of the total expenditure, so that the majority of the subsidy is directed toward the core renovation needs.