Carrot for empty-home owners

The government is offering owners of shuttered properties a double incentive to convince them to put their assets back on the long-term rental market, as they can benefit from the "Renovate-to-Rent" scheme and from the three-year income tax exemption on rents.

It is estimated that more than 250,000 properties that are closed are in need of renovation and the owners can take advantage of the changes included in the National Economy and Finance Ministry bill in order to put them on the market.

From January 2025 the "Renovate-to-Rent" program is being upgraded and property owners or occupiers can make use of the program if they own or utilize a property by a percentage equal to or greater than 50% and the property has an area of up to 100 square meters and is located in a residential district.

They must also have an annual family taxable income, real or presumed,...