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Greece's New "Renovate-To-Rent" Scheme
The priciest residence in Athens just listed for $318M?!
Chloe Mason
November 21, 2024
đź‘‹ Hey there expats,
In this week’s newsletter, we’re sharing with you our latest article on the blog comparing the cost of living between the USA and Greece, as well as share some detailed information about the new “Renovate-to-Rent” scheme.
In the headlines - “Renovate-To-Rent”
The Greek government is incentivizing property owners to bring over 250,000 shuttered properties back onto the long-term rental market through the "Renovate-to-Rent" scheme and a three-year tax exemption on rental income. Starting January 2025, owners of properties up to 100 square meters in residential areas, with a family income under €40,000 and total property value under €300,000, can qualify if their property has been declared empty for the past three years.
The program offers a subsidy covering 60% of renovation costs, up to €13,500, and exempts rental income from taxation for three years, provided the property remains rented and is not used for short-term leases.
Did you know?
A residence in downtown Athens, on Dionysiou Areopagitou street, offering stunning views of the Acropolis, is listed for $318 million (€300 million), making it the most expensive property in Greece and among the costliest worldwide. Dionysiou Areopagitou is a prime location where the most expensive property in Greece is situated, and is a wide, pedestrian street adjacent to the south slope of the Acropolis.
In the news
🏠Greece is Europe’s fourth cheapest realty market — Read here.
💶 Greece Launches Tax Breaks and Subsidies to Convert Vacant Properties into Rentals – Read here.
On the blog
🏧 Comparing The Cost of Living: Greece vs. the U.S: This guide covers everything you need to know about living in Greece as an expat, with detailed comparisons of key expenses. Read here.
That's it for this week's newsletter! As always, feel free to reach out with any questions, suggestions, or if you'd like to be featured.
Wishing you a fantastic week ahead filled with Greek adventures and memorable experiences.
Yassas!
The “My Greek Expat Journey” Team
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