“Renovate – Rent” program: The platform opens until 8/3 – The conditions of the subsidy

Within the week the platform opens for the program “Renovate – Rent” which aims to put a number of closed properties on the rental market, with the expectation that they help reduce prices.

This program aims to increase the supply of real estate and mainly in the urban centers, since there is a skyrocket in both rents and purchases.

What the government is seeking through this program, whose platform will be open until next Friday (8/3), is to renovate approximately 12,500 vacant properties in urban areas.

What is subsidized with the “Renovate-Rent” program

With the “Renovate – Rent” program, the repair-renovation of houses is subsidized in order to make them available for rental and they can participate, owners or real estate beneficiaries for 1 of their properties if:

a) Have the ownership or usufruct of the property by a percentage equal to or greater than 50%

b) The property has an area of up to 100 square meters 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 have real estate, the total value of which does not exceed the amount of 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 3 years

e) Beneficiaries have not received a subsidy for an energy saving or renovation program in their property in the last 5 years and have not joined subsidized energy saving programs for any of their properties

The program was passed in December 2022 (law 5006/2022 – program “My Home”) but will start implementing after more than one year, with the amendment as to advance payment and the co-owners and with the same money (50 million euros). The submission of applications is expected to start as soon as the pending ministerial decision is issued.