Greece’s revamped ‘Renovate & Rent’ housing initiative is set to launch by late May or early June, offering subsidies of up to 95% of renovation costs. The program aims to bring over 15,000 vacant or substandard homes back into use—helping ease rental market pressures and improve housing quality across the country.
A Boost for Vacant and Dilapidated Homes
Funded with €500 million, the scheme targets residential properties at least 20 years old that have remained unoccupied for at least three years. For the first time, it also includes dwellings currently in use but deemed unfit for habitation due to serious structural or functional deficiencies—provided they require substantial renovation.
How Much Support Is Available?
The maximum subsidy per property reaches €36,000, calculated at €300 per square metre. Renovations are limited to apartments or houses up to 120 sq m and cover essential upgrades: kitchen and bathroom refurbishment, window replacement, floor repairs, and overall functional improvements. Unlike earlier programs, energy efficiency measures are no longer the sole focus—instead, they form part of a broader renovation package, accounting for 20–40% of total eligible costs, while general renovations make up the remaining 60–80%.
Prioritising Vulnerable and Young Households
Subsidies are enhanced for specific groups, including single-parent families, newly married couples, families with three or more children, people with disabilities, and young adults aged 25 to 35. Additional support applies to properties located in mountainous or island regions. The program targets low- and middle-income households unable to afford renovations independently.
Eligibility and Obligations
Income criteria will mirror those of the existing ‘My Home 2’ program. To qualify for funding, beneficiaries must either rent out the renovated property for at least five years—or occupy it as their primary residence for the same period.