The platform for the “Renovate – Rent” program is reopening in the near future, offering improved terms and increased subsidies for property owners who wish to renovate their properties and make them available for long-term rental. At the same time, those who have already joined the program can submit applications for the recognition of new or additional expenses.

In the improved program, the subsidy has increased from 40% to 60%, while the maximum eligible expenses have risen from €10,000 to €13,500. According to the Ministry of Social Cohesion and Family, thousands of property owners are already waiting to join the program, which aims to increase the supply of rental housing and ease the housing crisis.

The subsidy covers up to 60% of expenses, with the option of a 50% advance payment for immediate liquidity support. All applications submitted from April 8, 2024, onwards will be included under the new framework, allowing for the recognition of expenses that were not initially covered.

To qualify for the program, a property must be located in a residential area, have a maximum area of 100 square meters, and have been declared vacant for the past three years. Additionally, applicants must not own total real estate assets exceeding €300,000, and their annual family income must not exceed €40,000.

With a total budget of €50 million, the program subsidizes the repair and renovation of homes intended for rental for at least three years. Eligible applicants must own at least 50% of the property or have usufruct rights, and the property must not be declared as a primary residence or currently rented but must be listed as vacant in the E2 tax form for the past three years. Furthermore, applicants must not have received a subsidy for an energy-saving or renovation program in the past five years.

Applications are submitted via the dedicated platform on gov.gr, with mandatory electronic payment of related invoices. Those already in the program can request recognition of additional expenses, provided the total amount does not exceed €13,500.

With the recent improvements introduced by the Minister of Social Cohesion and Family, Sofia Zacharaki, the range of eligible expenses has expanded to include new categories of work and materials, such as telecommunications equipment services, commercial equipment, durable goods, and property management costs. The measure is expected to help bring more vacant homes into use and strengthen the rental market.