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Greece Offers Tax Breaks to Convert Industrial Sites Into Affordable Housing

Saturday, 4 July 2026/Source: CretaOne/1 min read

Greece has launched a new housing initiative called "Build-Rent" (Κατασκευάζω - Νοικιάζω), which aims to convert old industrial buildings across the country, including in Crete, into affordable residential units. Under the program, developers receive a full tax exemption for 10 years in exchange for offering the resulting apartments at below-market rents. The scheme targets long-term housing shortages driven by the growth of short-term tourist rentals, which have reduced the supply of affordable accommodation for local residents. For tourists, the program signals ongoing policy efforts to balance housing needs with tourism activity on the island. While it does not directly affect visitor accommodation options in the short term, it reflects broader regulatory attention to the rental market in popular destinations like Crete that may shape local housing rules in coming years.

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