Greece is set to launch the "Renovate - Rent" program on Friday, February 21, aimed at helping property owners refurbish vacant homes and lease them for long-term rentals. The initiative seeks to address housing shortages while offering financial incentives to landlords willing to renovate and rent out their properties.
With a total budget of €50 million, the program provides subsidies covering up to 60% of renovation costs, with a maximum eligible expense of €13,500 and a maximum grant of €8,000. This updated version of the program is expected to generate more interest than previous attempts, as it offers higher financial support to homeowners.
The improvements come following a legislative amendment that increased the subsidy rate from 40% to 60% and raised the maximum covered renovation costs from €10,000 to €13,500. The program is specifically designed for owners of vacant properties up to 100 square meters who wish to refurbish and lease them. Eligible properties must meet specific conditions, such as not being declared as a primary residence or currently rented. Additionally, they must have been listed as vacant in Greek tax records (E2 forms) for the past three years.
A key requirement of the program is that, after renovations, property owners must sign a lease agreement of at least three years. This commitment grants them an income tax exemption on rental earnings, provided the property has been vacant for the past three years. Renovations must be completed within six months, and the property must be made available for rent—otherwise, the subsidy must be repaid.
