Greece's Housing Renovation and Acquisition Programs Face Final Deadline

Greece is facing a critical deadline at the end of August for two major housing initiatives funded by European resources: the "Home Renovation" program and "My Home II." With housing pressure remaining high, thousands of citizens are rushing to secure subsidies for renovating older properties or to obtain preferential financing for home purchases.

The response to both programs has been substantial. Just one month before the "My Home II" deadline, over 15,000 housing loans totaling more than 1.8 billion euros had been approved. The program's budget is nearly depleted, with 95% absorption indicating that available funds will likely run out before the official end date.

Similarly, the new "Home Renovation" program, designed to utilize dormant housing stock and increase the supply of available homes, has also seen significant activity. By the end of July, more than 150,000 applications had been submitted, with over 77,000 properties deemed eligible. This program is notable as it's the first "pilot" initiative in Europe that extends beyond energy-saving measures to cover broader renovation work, including flooring, kitchens, bathrooms, and painting.

Special emphasis is placed on vacant properties. While applications for subsidies for occupied homes closed on July 31, an extension for vacant properties is available throughout August. The goal is to reintegrate these unused properties into the market for either owner-occupation or long-term rental. However, stricter conditions apply to vacant homes, requiring a five-year commitment to long-term rental, a three-year rent freeze, and a ban on short-term rentals. These measures aim to boost the rental housing supply. Despite subsidies of up to 36,000 euros per property or 95% of renovation costs, and tax incentives, only about one in ten eligible properties are vacant homes.