By Chrysostomos Tsoufis

Another measure to increase the supply of real estate on the market is taking place after the signing of the MLA for the Renovate-Rent program. The goal is for the relevant platform, through which approximately 12,500 properties may be “put on the market”, to open on Friday at the latest.

The program comes to provide the liquidity that is lacking for many property owners who want to but cannot dispose of the properties as they cannot finance the necessary repairs. The subsidy amounts to 40% of the costs renovation-repairs(including materials and works) up to the amount of €10,000, therefore the subsidy cannot exceed €4,000. It is possible to make an advance payment which cannot exceed €2,000, i.e. 50% of the subsidy.

Each interested party can apply for 1 property. More than one application for the same property is also not allowed even if it is for another person who also has rights to the property.

Entitlement to the program has an annual income of up to €40,000 and their real estate does not exceed €300,000

The property – up to 100 sq.m. – must have residential use but not declared as primary residence. It must also be declared vacant for the last 3 years and the applicant has not received any subsidy for an energy saving or renovation program for any of their properties in the last 5 years. Of course, the property must not have been deemed to be demolished and must be located within a residential area. The conditions also require the applicant to have either full ownership or usufruct of the property at a rate equal to or greater than 50%.

As eligible expenses according to KYA are considered:

-Renovation and repair works such as renovation of bathrooms, sanitary ware or kitchen areas, replacement of entrance door and interior doors, replacement or repair of cupboards, replacement of floors, replacement or repair of electrical and plumbing installations.
– Products and materials necessary for the work
– Insurance contributions for construction works
– Issuance of permits/approvals or preparation or issuance of Energy Certificates The maximum eligible expenditure is defined up to the total amount of €700
-Any required permits/approvals required for the work to proceed

Payment must be made exclusively electronically. It is important for the interested parties to know that the expenses must be made within 6 months from the date of issuance of the approval decision. Otherwise, we revoke the decision and the interested party must return the amount. An extension is NOT provided for and a new approval decision cannot be issued for the same property and the same beneficiary.

After the completion of the works, the beneficiary must lease the property for a period of at least 3 years. It is not allowed to rent to legal entities, nor to sublease or grant the use of the property.

The subsidy is disbursed after the rental of the property, canceling the advance payment already paid.

After entering the platform, the interested party selects the ID number of the property for which he/she is applying for inclusion in the program and fills in the budgeted amount of the total renovation cost.

If any mandatory field of the application pertaining to the selected property is not pre-filled (such as the Electricity Supply Number), the applicant must correct the deficiency to the Authority that submitted the property declaration and then re-enter the special application of the Program.

In addition to the contact details, an active IBAN must also be filled in.

In case of rejection of the application, the interested party has the right to submit an objection. Objections are submitted within an exclusive period of ten (10) days from the date of rejection or exclusion or revocation.