“Renovate – Rent”: 50% down payment for the renovation of closed houses – Which owners are eligible

Two changes are included in the new provision for the programme “Renovate – Rent” which subsidizes the renovation costs for closed houses by their owners, with a view to renting them for 3 years.

The first change is that an advance payment is established at 50% of the subsidy which was not present in the original provision of 2022.

The second change is that beneficiaries are also the co-owners with a percentage equal to or greater than 50% (whereas more than 50% was originally envisaged).

The participants in the program “Renovate – Rent” are subsidized by 40% for carrying out expenses repair and renovation on their property, up to 10,000 euros which include the requirements materials and works. Expenses over 10,000 euros will not be subsidized.

The maximum amount of the subsidy will amount to 4,000 euros.

The total financing cost of the program amounts to 50 million euros. This means that with the maximum subsidy amount (4,000 euros), 12,500 empty houses will be renovated for renting. If the average of the subsidy is 2,500 euros, 20,000 houses will be renovated.

50% of the subsidy can be paid in advance. This means that owners will be able to receive up to 2,000 euros in advance from the total subsidy. In the decision to be issued soon, it is expected to clarify the conditions for the advance payment.

The total subsidy will be granted on the condition that the relevant invoices have been paid electronically and if after the renovation the owners proceed to rent the property for a period of at least three years. The rental will be controlled via TAXIS.

What is subsidized with the “Renovate-Rent” program

With the program “Renovate – Rent”, the repair-renovation of houses is subsidized with the aim of making them for renting and owners or beneficiaries of real estate for 1 property can participate them provided:

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 – “My Home” program) but it will be implemented after more than a year, with the amendment regarding the advance payment and 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.