Greece is preparing to launch a new housing scheme designed to increase the supply of available homes by subsidising extensive residential renovations, as the government looks to bring thousands of vacant properties back onto the market.

The programme, expected to be announced shortly and to begin in June, will support wider refurbishment works rather than focusing primarily on energy upgrades, marking a shift from previous housing initiatives.

Officials say the aim is to help ease Greece’s housing shortage by increasing the number of properties available either for rent or for sale.

With a budget of around €500 million, the scheme will offer generous subsidies covering up to 90%-95% of renovation costs. Basic support will reach up to €36,000 per property, with an additional €5,000 for each child in the household. Eligible properties must be up to 120 square metres, with the subsidy capped at €300 per square metre.

The rollout will take place in two stages. The first, starting in June, will involve eligibility checks for properties, while applications are expected to open in September. Long-term vacant homes will be prioritised before occupied residences.