Greece to Pay Up to 95% of Renovation Costs to Get Empty Apartments Back on the Rental Market

Greece volition unfastened applications by aboriginal June for a €500 cardinal assistance programme that volition screen up to 95 percent of renovation costs for vacant apartments built earlier 1990, successful speech for owners placing the restored units connected the semipermanent rental marketplace for astatine slightest 5 years — the government's astir nonstop involution yet successful a lodging affordability situation that has pushed rents to grounds levels.

Deputy Finance Minister Nikos Papathanasis confirmed the program, called "Anakainizo" and financed done reallocated EU structural funds, volition money up to €300 per quadrate metre for properties up to 120 quadrate meters, capping idiosyncratic grants astatine €36,000.

Standard owners suffice for 90 percent reimbursement; the 95 percent tier is reserved for disabled citizens, single-parent households, families with 3 oregon much children and adults aged 25 to 35.

Remote land and upland properties besides suffice for enhanced rates.

Owners indispensable frost archetypal lease rates for the archetypal 3 years of the mandatory five-year rental commitment.

Up to 80 percent of funded works tin screen wide structural and aesthetic restoration — plumbing, electrical rewiring, flooring, kitchens and bathrooms — with lone 20 percent reserved for vigor upgrades specified arsenic insulation and star heaters.

An automated eligibility expanse volition tally first, with ceremonial applications opening successful September.

The programme targets Greece's ample banal of semipermanent vacant lodging — a structural origin that economists accidental has importantly worsened the country's rental shortage alongside the accelerated enlargement of short-term tourer letting platforms.