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Greece gives them EUR 13,500 each to renovate and put them on the rental market

Nov 12, 2024 17:43 187

Greece gives them EUR 13,500 each to renovate and put them on the rental market  - 1

After days ago it became clear that Greece was restricting short-term rental of homes and imposing fines that could reach 40 000 EUR, today it became clear that the Greek government will apparently collect from some and give other owners money. A new state program provides for owners of unoccupied homes to be given EUR 13,500 each. With the money, they will be able to renovate the vacant properties and rent them out.

Everyone who joins the Renovate-to-Rent scheme will be exempt from paying property taxes for a period of 3 years. Currently, nearly 250,000 properties that are uninhabitable can benefit from the program – the property to be renovated and put on the rental market. The start of the program will be in January 2025.

The requirements for the owners is to have an uninhabited property in a residential area, the area of which is no more than 100 sq.m. The annual tax-free income must be up to EUR 40,000, and they must own real estate whose total value does not exceed EUR 300,000. Also, the property that will be renovated and rented out must not be registered as a primary residence and must not have been declared subject to tax declaration for the last 3 years.

After the renovation, during the first 36 months of renting the property, the income from it is not taxed. In the event that there is an interruption in the rental of the property during the 36 months in question, tax is due on the amount already collected from rents.

You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE