The highly anticipated “Renovate” program is entering its final phase, expected to offer significant financial relief to thousands of property owners. The exact timeline and key dates for the start of applications on the digital platform gov.gr were revealed by Deputy Minister of National Economy and Finance, Nikos Papathanasis, during his appearance in Thessaloniki.
Read: Papathanasis: New “Renovate” program opens June 15 – Four new business programs begin this summer
The distinguishing feature of this program is that it goes beyond the narrow limits of traditional energy upgrades. For the first time, beneficiaries will be able to receive subsidies for complete renovation of their homes. With this move, the economic team aims to provide incentives to “open up” thousands of closed apartments and make them available to the market again, offering a substantial solution to the acute housing problem the country faces.
“Renovate” program: Timeline for applications and the risk of “blind” subsidies
The process will unfold in two distinct phases through gov.gr:
June 15: The platform opens for the eligibility process. In this phase, owners will be able to check if their property meets the criteria for inclusion in the program.
Early September: Official application submission for financing renovation projects begins.
Official data from the Ministry of Finance reveals a massive “pool” of 400,000 properties across the country that have shown zero or minimal electricity consumption over the past three years. While only 5% to 6% of these apartments need to be activated for the program’s success and full absorption of funds, this goal faces serious obstacles.
As market experts and a relevant Bank of Greece report emphasize, the main problem is the lack of clear mapping by the state. These properties remain off the market for completely different reasons: from court disputes and inheritance issues to accumulated debts or simply because their repair costs are prohibitive for owners.
Precisely because there is no clear picture of how many properties belong to each category, economic incentives and subsidies are essentially given without specific targeting. The economic team is betting on the market’s spontaneous response, hoping that funds will ultimately reach owners who actually have the ability to utilize the program and open their homes.
The 4 “clashing rocks” keeping owners trapped
Investigative reporting shows that large categories of owners are expected to remain excluded, drastically limiting the number of candidates.
What are the reasons?
- Multiple ownership
Due to the age of the building stock, hundreds of thousands of apartments today belong to three, four or more heirs. Lack of agreement is the norm. If an unbreakable condition is set that one of them must own at least 51% of the property, these properties will be automatically excluded.
- Red debts
Owners with overdue debts and mortgaged property face daily threats of foreclosure. For these people, renovation and rental constitute a secondary priority compared to the risk of losing their property.
- Banks and servicers
Thousands of closed properties that have passed into the hands of financial institutions are excluded by definition, as the program is addressed exclusively to individuals.
- Fear of “bad tenants”
A significant portion of owners prefer to keep their property closed, fearing damage, unpaid rent and high taxation. Despite government announcements about more favorable tax scales, faster evictions and issuing “reliability certificates” for tenants, the market needs months to regain confidence.
Building materials reach sky-high prices
Even for those wishing to participate, the financial risk remains high. The maximum limit of state subsidy has been set at 300 euros per square meter. With building material prices at record highs, this amount is deemed insufficient for a radical renovation. This means owners will have to dig deep into their pockets, covering the difference with their own capital.
According to the plan, basic subsidies will range from 70% to 80% of the budget based on income criteria. Beyond that, the ministry deploys a series of “bonuses” to attract specific groups:
+5% for properties in mountainous and island areas (where transportation costs for materials are double).
+5% for young owners up to 35 years old.
+5% for families with three children, large families and people with disabilities.
