Minister Pierrakakis Addresses Housing Crisis: Property Owners are Key to Solution
Corfu, February 2, 2026 – Kyriakos Pierrakakis, Minister of National Economy and Finance and President of the Eurogroup, emphasized the indispensable role of property owners in addressing Greece’s housing crisis. Speaking at the annual general assembly of POMIDA, held at the Athens Chamber of Commerce and Industry (EBEA), the Minister underscored the government’s commitment to supporting property owners as guarantors of stability.
Pierrakakis highlighted that in Greece, property has historically been more than just an investment; it has been a cornerstone of social security and family continuity. He acknowledged a past period where property ownership was viewed with suspicion and subjected to excessive taxation, a stance the current administration aims to reverse.
Incentives for Vacant Properties and Conversions to Residences
The Minister stressed the urgent need to activate the existing stock of vacant housing. He noted that thousands of properties remain unutilized due to perceived risks and costs. To counter this, the three-year tax exemption for vacant properties placed on long-term lease will be extended through 2026. This extension includes special provisions for large families and professionals in critical sectors such as doctors and educators.
Furthermore, a new urban planning regulation is being promoted, which will facilitate the conversion of offices and commercial spaces into residential units. This initiative aims to increase housing supply and alleviate pressure on rental prices across the country.
Renovation of Older Homes and a New €400 Million Program
Significant emphasis is also being placed on the renovation of older buildings. A new program, valued at 400 million euros, will provide subsidies of up to 80% of renovation costs, with a maximum of 36,000 euros per residence. A substantial portion of these funds will be allocated to vacant homes, with the objective of transforming them into modern residences, thereby creating value for owners and offering solutions to the housing shortage.
MIDA and the Digital Landscape of the Market
Pierrakakis announced the imminent launch of the Property Ownership and Management Registry (MIDA) in the first quarter of 2026. This digital platform will provide the state with a comprehensive overview of the property market, not to impose new burdens, but to facilitate the design of fair and targeted policies.
Concluding his address, the Minister reiterated that the housing issue is a national and European challenge that cannot be resolved without the contribution of property owners and the activation of vacant housing stock, fostered through a renewed relationship of cooperation and trust.
Source: Corfu TV News
