"Renovate - Rent" Program Imminent: Platform Launch Date and Eligibility Criteria

The long-awaited electronic platform for the new housing program, "Renovate – Rent" (Ανακαινίζω – Νοικιάζω), is expected to become operational between late May and early June. The primary objective of this initiative is the effective mobilization of property owners to renovate and release their properties into the market. This stimulus is anticipated to significantly bolster the availability of rental housing, contributing decisively to the mitigation of intense pressures observed recently in rental prices.

High Subsidy Rates for Vulnerable Households

The program provides substantial financial incentives, with the total subsidy rate for renovation costs ranging from 70% to 95%. The maximum coverage of 95% of expenditures will be granted to targeted social groups facing increased needs. These groups include single-parent families, young couples, families with three children (triteknoi), large families with four or more children (polyteknoi), and households with members living with disabilities. The precise amount of the state subsidy will be determined based on income criteria and the specific category to which each beneficiary belongs.

Property Specifications and Types of Works

To include a property in the "Renovate – Rent" program, it must meet specific requirements. Its surface area cannot exceed 120 square meters. Furthermore, the property must have been constructed at least 20 years ago and remained vacant for a period of at least three years. Notably, older residences currently occupied by families can also be included in the program, provided that these homes are deemed non-viable in terms of living conditions.

Regarding eligible expenses, the program's design stipulates that the majority of funds can be spent on functional and basic renovation interventions. These include restoration works such as the radical renovation of the kitchen or bathroom. Only a small percentage of each project's total budget will be mandatorily directed toward energy efficiency upgrades.

Program Budget

The implementation of the program is supported by a robust budget of €500 million ($540.5 million). According to available data, these funds are already fully secured and derived from the utilization of resources across 14 different programs of the NSRF (ΕΣΠΑ – National Strategic Reference Framework, Greece's primary investment tool for EU funds) for the current 2021-2027 programming period.