A tax deduction of up to 16,000 euros will also be available in 2025 to those who proceed with the energy, functional and aesthetic upgrade of their property.
A necessary condition is that the cost has been paid electronically. The taxpayer can use the resulting amount in income tax within a period of four years.
A decision by the Minister of National Economy and Finance, Kyriakos Pierrakakis, extends the above tax deduction for the current year. Expenses for materials are taken into account up to 1/3 of the amount allocated for the value of the services.
For example:
If an owner spends 16,000 euros during the year to renovate his property, he will save a total of 16,000 euros in taxes, which are divided into 3,200 euros per year, starting from the 2026 tax return until 2030.
In the event that the expenses amount to 20,000 euros, the maximum tax deduction will remain at 16,000 euros. That is, the additional 4,000 euros are not recognized for tax purposes.
If the work costs less, e.g. 12,000 euros, then the tax relief will reach 2,400 euros per year, i.e. a total of 12,000 euros until 2030.
