By DC Engineers | Architecture, Engineering & Construction

Greece's housing stock is ageing. The majority of residential properties were built before 1980, many without the structural, thermal, or infrastructure standards that would be expected today. For foreign owners of older Greek properties — whether inherited, purchased as a holiday home, or acquired for investment — a government Program launched in 2026 represents a significant, time-limited opportunity.

What the Programs

The Renovate 2026 Program (Anakenizo) is a state-funded initiative with a total budget of €500 million, administered through DYPA and operating via the gov.gr digital platform. Its purpose is to bring older residential properties back into functional use — structurally sound, properly serviced, and meeting a basic standard of energy performance. Approximately 15,000 to 20,000 homes are expected to benefit.

The Program funds two mandatory components. The first is general renovation: structural improvements, plumbing and electrical installations, flooring replacement, full bathroom and kitchen refurbishment, and repair of accumulated wear and damage. The second is an energy upgrade: at minimum, the property must improve by one energy class, with an Energy Performance Certificate (EPC) issued both before and after the works. Three energy interventions are required, two of which must be drawn from a defined list of low-complexity measures — insulated windows, solar water heaters, heat pumps.

Renovation works must account for 60–80% of the total application budget; energy measures must represent 20–40%.

The Grant Structure

The maximum grant is €36,000 per property. The base subsidy rate is 80%, with increments of 5% for properties located on islands or in mountainous areas, and a further 5% for households with three or more children or members with disabilities. Where both increments apply, the subsidy rate reaches 90%. There is no age limit for applicants, and owners may apply for more than one property.

An advance payment of 50% of the estimated grant is available on approval, which materially assists with the cashflow demands of the construction phase.

Eligibility

The Program is targeted at older housing stock. To be eligible, a property must:

• Hold a building permit issued on or before 31 December 1990
• Have a total surface area of no more than 120 square meters
• Be legally constituted — all unauthorized constructions or unregistered floor area must be regularized before application

The requirement for legal regularity is absolute. Properties carrying unresolved planning violations or undeclared square footage cannot proceed until those issues are addressed. For many foreign owners of older rural or island properties, this is the first substantive hurdle.

Obligations After Completion

The Program imposes a post-renovation obligation of five years. Vacant properties brought back into use must be either owner-occupied or rented on a long-term residential lease for this period. Short-term rentals — including platforms such as Airbnb — are prohibited during the obligation window, and violations are grounds for full repayment of the grant.

This is a significant condition for those who purchased with holiday rental income in mind. It must be evaluated as part of any financial assessment.

There is, however, a tax dimension worth noting. Owners who bring a vacant property into long-term residential use by late 2026 may qualify for three years of zero income tax on the resulting rental income. For some owners, this tax incentive has a value comparable to the grant itself.

Relevance for Foreign Owners

For non-resident owners of eligible Greek properties — and there are many, particularly in the Cyclades, the Ionian Islands, and the urban centers of Athens and Thessaloniki — the Program offers meaningful financial support for works that, in many cases, would need to be carried out regardless. An older stone house requiring structural attention, new plumbing, and updated glazing was always going to involve substantial expenditure. The Program reduces that burden by up to 80–90%.

The practical complexity for foreign owners lies elsewhere: in ensuring the property's legal documentation is complete, in managing the application through a Greek-language digital system, and in coordinating the required energy assessments, contractor appointments, and inspections from a distance.

These are not insurmountable challenges, but they require professional coordination in Greece. They are precisely the circumstances in which an integrated architecture, engineering and construction practice — one with knowledge of both the technical requirements and the administrative process — provides measurable value.

All articles © DC Engineers — Architecture, Engineering & Construction. Reproduction without permission is not permitted