"Renovate - Rent" program to be launched soon
"Renovate - Rent" program to be launched soon
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"Renovate - Rent" program to be launched soon

The program subsidizes the repair of houses in order to make them available for rent.
RE+D magazine

The "Renovate - Rent" program, amounting to €50 million, which subsidizes the repair of houses in order to make them available for rent, is expected to be launched at the end of December.

According to the program, the amount of subsidized expenses must not exceed €10,000. This amount includes the required materials and works and the subsidy amounts to 40%.

Real estate οwners or usufructuaries of residential properties can participate in the program, provided that:

a) they own or hold usufruct of the property by a percentage that exceeds fifty percent (50%),

b) the property has an area of up to one hundred (100) square meters (sq.m) and is located in a residential area,

c) they have an annual family taxable income, real or presumed, that does not exceed 40,000 euros and they have real estate, the total value of which is up to 300,000 euros,

d) the property has not been declared as a first residence, has not been declared as leased and is declared as vacant on the E2 form accompanying the income tax return of the last three years, and

e) the beneficiaries have not received a subsidy for an energy saving or renovation program for this property in the last five years and have not joined subsidized energy saving programs for any of their properties.

Participants in the "Renovate - Rent" program are subsidized for the repair and renovation costs of their property, amounting to up to 10,000 euros, which include the required materials and work. The subsidy amounts to forty percent (40%) of the costs and is granted under the following conditions:

a) the relevant invoices are paid electronically,

b) after the renovation, the οwners or usufructuaries proceed to lease the property, with a duration of at least three years.