Many property owners are eagerly waiting for a new program that aims to rehabilitate old apartments and put them on the rental market. This program's objective is to help narrow the gap between supply and demand for rental properties.
The relevant ministries intend to open approximately 12,500 vacant homes initially.
To participate in the "Renovate - Rent" program, property owners or beneficiaries with residential property must meet certain criteria.
For instance, they must own or usufruct the property by a percentage that exceeds 50%, the property must have an area of up to 100 sq.m. and be situated in a residential area.
The annual family taxable income must not exceed €40,000, and the total value of their real estate must not exceed €300,000.
Additionally, the property must not have been declared as a first residence, declared as leased, and must have been declared as vacant on the E2 form accompanying the income tax return of the last three years.
Furthermore, beneficiaries must not have received a subsidy for an energy-saving or renovation program in their property in the last five years and must not have joined subsidized energy-saving programs for any of their properties.
Participants in the "Renovate - Rent" program will be subsidized for the repair and renovation costs incurred, amounting to up to €10,000, which include the required materials and works.
The subsidy amounts to 40% of the costs incurred and is granted under the following conditions, which must be cumulative: all relevant invoices must be paid electronically, and after the renovation, the property must be leased for a duration of at least three years.
The total cost of the "Renovate - Rent" program does not exceed €50,000,000 and is borne by the Public Investment Program (PIP).
