The program subsidizes the renovation and repair of 12,500 privately owned vacant properties.

Mortgage and real estate markets have undergone several shifts since the global financial crisis and the pandemic.

The management of the hotel and the branded residences will be assigned to an internationally renowned management company.

Prices remain at levels that many buyers find difficult to finance, especially with the benchmark lending rate at a 16-year high.

The solution to the housing problem is to transform the unused and abandoned State properties with a set of apartments, commented Mr.Stasinos

The renovation works will begin in the spring, while the total investment amounts to €1 million.

According to the "Danos Group Property Market Overviews for the 2nd Semester of 2023", average house sale prices in the Crete has been stabilising.

Economic growth is set to be below trend and historic rates in 2024 according to JLL.

This new policy, as well as the strengthening of the rules for outdoor security cameras, will take effect on April 30, according to the company.