- Program Launch: The first phase of Greece’s updated “Renovate – Rent” (Anakainizo – Noikiazo) initiative officially opens for applications on June 15, 2026.
- Substantial Subsidies: Property owners can receive up to €300 per square meter, with a maximum cap of €36,000 per home. Funding coverage ranges from 90% to 95%, depending on family status.
- Comprehensive Upgrades: Eligible expenses extend beyond energy efficiency to cover essential interior remodeling, including kitchens, bathrooms, flooring, plumbing, and electrical work.
- Two-Phase Timeline: The June launch serves as an initial eligibility screening phase, paving the way for the formal integration and funding application process in September.
State Subsidies Aim to Mobilize Closed Properties
The Greek government is starting the first phase of its updated “Renovate – Rent” housing initiative on June 15, 2026. This program focuses on the many shut-down and unoccupied homes across the country.
By covering up to 95% of renovation costs, it aims to quickly boost the number of long-term rental properties without building new ones.
The financial details of the program depend on the size of the property. An 80-square-meter apartment can receive up to €24,000 for covered expenses.
The maximum funding of €36,000 is available for units of 120 square meters or larger. For older homes needing specific updates to be livable, the high subsidy rate provides a strong reason to return to the long-term rental market.
Expanded Scope of Eligible Renovations
Unlike previous state-sponsored housing programs that focused solely on green energy efficiency, this initiative tackles the practical interior damage found in older, long-vacant properties. Approved funding can be used for a variety of structural and cosmetic improvements, including:
- Replacing old window frames and doors
- Complete kitchen and bathroom renovations
- Installing new flooring
- Upgrading outdated electrical wiring and plumbing systems
Industry experts point out that while the €36,000 cap is effective for well-planned, budget-friendly renovations, it may not be enough for properties with serious structural damage or entirely degraded utility networks without extra private investment from the owner.
The program’s success depends on whether property owners believe the subsidy fairly matches the commitment needed for long-term rentals. Previous housing programs show that landlords pay close attention to things like processing times, upfront funding, and clear paperwork before deciding to build. The two-stage rollout aims to reduce this risk by screening properties at the start.
