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A new, enhanced “Renovate” (Anakainizo) program is expected to launch in May, aiming to breathe new life into thousands of residential properties across Greece. Unlike previous initiatives that focused primarily on energy efficiency, the new program places strong emphasis on holistic property renovation, addressing both functionality and energy performance.
What the Program Funds
The program consists of two mandatory components:
1. Home Renovation (60%-80% of the total budget)
This component covers interventions that improve the functionality and overall condition of a property, including:
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plumbing and electrical installations
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kitchen and bathroom renovation
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replacement of flooring
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painting and repair works
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reinforcement of masonry and general technical upgrades
2. Mild Energy Efficiency Interventions (20%-40%)
With fewer technical restrictions compared to energy-only programs, eligible energy upgrades include:
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replacement of windows and frames
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solar water heaters or renewable energy systems for hot water
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heat pumps or upgrades to heating and cooling systems
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targeted thermal insulation for rooftops or terraces
The property must be upgraded by at least one energy class, with an Energy Performance Certificate (EPC) required both before and after the renovation works.
Budget and Subsidy Levels
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Total program budget: €500 million
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Estimated number of homes: 15,000-20,000
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Maximum subsidy per property: up to €36,000
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Maximum eligible cost: €300 per sq.m.
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Base subsidy rate: 80%
Additional Subsidy Increases:
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+5% for island and mountainous areas
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+5% for large families and households with people with disabilities
➡️ Total subsidy may reach up to 90%
Eligible Properties
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Residential properties with a building permit issued up to 31/12/1990
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Surface area of up to 120 sq.m.
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Legally existing properties
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Applies to both vacant and owner-occupied homes
Key Obligations for Property Owners
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Vacant properties must, after renovation:
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either be occupied by the owner, or
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be leased under long-term rental agreements for at least five years
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Owner-occupied homes must remain the primary residence for the same period
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Short-term rentals (Airbnb-style) are strictly prohibited for five years following project completion
Income Criteria
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Up to €25,000 for single applicants
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Up to €35,000 for married couples without children
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+€5,000 for each dependent child
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Special provisions for single-parent households
Income limits refer to total household income, significantly expanding the pool of eligible beneficiaries.
What Applicants Should Consider Before Applying
Before submitting an application, property owners should verify the legal status of the property, confirm the building permit, and assess its overall condition. Proper planning of renovation works and the correct balance between renovation and energy upgrades are essential to maximize the benefits of the subsidy.
Additionally, the five-year restriction on short-term rentals makes the program particularly suitable for those aiming for stable, long-term income rather than quick returns.
Conclusion
The new “Renovate” program addresses a critical gap in housing policy by offering practical solutions for both property owners and the residential market as a whole. For owners of older properties, 2026 may be the year to upgrade, reposition, and strategically utilize their assets.
Which Properties Benefit the Most
The program primarily favors apartments built in the 1980s and 1990s, which are often outdated in terms of energy efficiency and functionality. Targeted upgrades to windows, electrical systems, and wet areas can significantly modernize these properties with limited private capital.
In urban areas and locations with steady rental demand, such renovations can lead to substantial increases in market value and more competitive rental income, strengthening long-term investment performance.
Renovation and the Real Estate Market: What Changes in 2026
With the new program, renovation shifts from being a cost to becoming a strategic investment decision. By increasing the supply of quality housing, the initiative is expected to positively impact housing availability and the broader real estate market.
For investors focused on long-term rentals, the “Renovate” program acts as a powerful tool for portfolio upgrading, reducing risk while improving sustainability and returns over time.
Do you own a property that needs renovation?
The “Renovate” 2026 program may cover up to 90% of the renovation cost.
👉 Contact us today for:
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property eligibility assessment
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cost and post-renovation return estimation
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guidance on how to fully leverage the program
Turn your property into a real opportunity.
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