The possibility of lowering the minimum ownership percentage required for participation in the “Renovate” program, in order to increase the number of vacant homes that can be put to use, was revealed by Nikos Papathanasis.
According to Deputy Minister of Finance, speaking on ERT News and the Newsroom program, the relevant change is being examined in collaboration with theMinistry of Social Cohesion and Family, while approval from the European Commission is also required, as this is a European program.
“We are in discussions with the relevant minister to see how we can reduce this percentage so that more vacant homes can be included. We are awaiting approval, as this is a European program,” he said, clarifying that a final decision has not yet been made.
Currently, a prerequisite for submitting an application is that the applicant must hold at least 50% of the ownership or usufruct rights to the property.
Over 100,000 citizens on the platform
Mr. Papathanasis announced that within the first few days of the program’s operation pmore than 100,000 citizens had accessed the platform, and 41,000 certificates had already been issued.
Of these, approximately 1,500 relate to vacant residences, that is, properties that have shown zero or very low electricity consumption over the past two years.
According to the minister, the program’s goal is either to return these homes to the rental market, with a mandatory five-year lease and a fixed rent for the first three years, or to allow them to be owner-occupied following renovation work.
Up to 95% subsidy for renovation
As he explained, for vacant homes, the subsidy can cover up to 95% of the cost, allowing owners to either use the properties themselves or rent them out.
The first phase of the program applies exclusively to vacant properties, while a second phase is planned to follow, which will also include residences that are already in use.
Direct payment to contractors
The Deputy Minister made special mention of the new method of financing renovation work.
As he stated, the subsidy amounts will be deposited into a special account, and payments to plumbers, electricians, suppliers, and other professionals will be made directly by the program, immediately after the relevant invoices are issued.
In this way, as he noted, beneficiaries will not need to pay the money up front and then wait for a refund.
Deadlines and Income Criteria
The option to issue the eligibility certificate will remain open until the end of July, while the process for submitting final applications will open on September 1.
The minister reminded that for a family of four, the income threshold is 45,000 euros, and that a tax return must have been filed before the certificate can be issued.
