Apart from renovating homes so that owners can later rent them out for at least three years, the program also aims to increase the number of homes available on the market, addressing the housing problem that has emerged in recent years in our country.
The program, with a budget of €50 million, aims to subsidize the repair and renovation of homes for the purpose of renting them out for at least the next three years. It is targeted at property owners or usufruct holders who meet specific income and asset criteria. The conditions are as follows:
- The applicant must hold at least 50% ownership or usufruct of the property.
- The property must be up to 100 square meters and located in a residential area.
- The applicant must have a family taxable, actual, or deemed annual income not exceeding €40,000 and own real estate whose total value does not exceed €300,000.
- The property must not be declared as a primary residence, not rented out, and must be declared as vacant in the E2 form accompanying the income tax return for the past three years.
- The applicant must not have received any subsidy for an energy-saving or renovation program on a property they own in the past 5 years.
Initially, applicants were subsidized for repairs and renovations of up to €10,000 for materials and work on privately owned properties that had been closed for the past three years. The subsidy was up to 40% of the total expenses, subject to the conditions of electronic invoicing, payment, and rental of the property for at least the next 3 years. To date, €2.3 million has already been disbursed for 1,210 approved applications.
Recent Improvements
Recent improvements made by the Minister of Social Cohesion and Family, Sofia Zacharaki, to make the program more attractive have resulted in an increase in the subsidy amount and percentage for all property owners (both those already enrolled and those applying). The maximum renovation expenses have now been increased to €13,500, and the subsidy percentage has risen from 40% to 60% of the expenses, which is up to €8,100. Additionally, new categories of materials and services have been added to the program.
New Categories
The new categories added to the program include:
- Special Trade Contractors (who were not previously classified under other categories in the program)
- Telecommunication Equipment Services
- Commercial Equipment (not classified under other categories)
- Industrial Supplies
- Durable Goods
- Chemicals and Related Products
- Real Estate Brokers and Property Managers
- Laundromats, Dry Cleaners, and Clothing Services
- Management, Consulting, and Public Relations Services
- Equipment Rental
- Business Services - Unclassified Elsewhere
- Various Shops / Repair Workshops
What is Provided for Already Enrolled Beneficiaries
Beneficiaries already enrolled in the program can apply for the recognition of new or previously incurred expenses that were not included in their initial application, provided the total renovation expenses do not exceed €13,500. The application is submitted via the program’s specialized platform, accessible through gov.gr. Upon entering the platform, the applicant’s Tax Identification Number (TIN) and the approval decision number from their initial enrollment will be retrieved automatically.
The application will not be re-checked for eligibility criteria. It will only be subject to a verification that the total renovation expenses do not exceed the €13,500 limit. Once the application for expense recognition is submitted, a payment decision will be issued. If a payment decision has already been issued upon submission of the application, a new updated payment decision will be issued, indicating the new subsidy amount corresponding to the beneficiary, minus the amount already paid.
