x

Economy

Greek Homeowners Can’t Afford Energy-Friendly Renovation Plans

ATHENS – With the COVID-19 pandemic coming as Greece was beginning to speed recovery from a year decade-long economic and austerity crisis, homeowners who want to make their residences energy efficient now can’t.

Without state aid – the government has already poured more than 17.5 billion euros ($20.41 billion) into subsidies for workers laid off during lockdowns and to prop up their businesses – there’s little chance of so-called “green” fixes.

A survey by the Hellenic Property Federation (POMIDA) found that 65 percent of property owners want to renovate their houses to be more environmentally friendly but don’t have the money, reported the Chinese news agency Xinhua.

The survey was part of wider research carried out during the first quarter of 2021 by the International Union of Property Owners (UIPI) in Brussels that included 31 organizations from 28 countries and represents the owners of up to 25 million dwellings across Europe.

UIPI’s aim was to assess European property owners’ capacity and willingness to renovate and how the pandemic affected their plans. Around 10,000 property owners participated in the survey, including 728 in Greece, the report said.

Most respondents want a greener economy although no government has moved to greatly expand the use of solar or wind power, still relying on the 19th Century idea of coal to generate electricity.

Those who want to make the renovations said they need incentives such as tax cuts, subsidies, loans and grants – which the government is doing in some areas to promote people switching to electric vehicles.

The financial crisis dealt a serious financial blow to many property owners, Nikos Tsatsis, chief development officer at Plasis Real Estate and Development, a real estate agency in Athens, told Xinhua.

“They do not have the same income as they had in the past and they find it difficult to finance a renovation project. There is a lack of liquidity and it is also difficult to get a loan,” he said.

RELATED

ATHENS - With Greece being a hotspot tourist destination in 2023 and people traveling with the waning of the COVID-19 pandemic, the country’s hotels experienced a 23% increase in turnover, raking in €10.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Fire Breaks Out at Apartment Building Near the Offices of TNH (Vid & Pics)

LONG ISLAND CITY, NY – A fire broke out in an apartment building about a block from the offices of The National Herald in Long Island City on February 21.

NEW YORK - Charles H. Dallara, the former Managing Director of the Institute of International Finance (IIF) and a central figure in the 2012 restructuring of Greece's debt, has penned what Nick Gage describes as a "riveting narrative" of those tumultuous times.

CULVER CITY, Calif — President Joe Biden said Wednesday that while a college degree was still a ticket to a better life, that ticket is often too expensive, as he announced he was canceling federal student loans for nearly 153,000 borrowers.

XINJIANG  - Chinese police are investigating an unauthorized and highly unusual online dump of documents from a private security contractor linked to the nation's top policing agency and other parts of its government — a trove that catalogs apparent hacking activity and tools to spy on both Chinese and foreigners.

WASHINGTON — Donald Trump's legendary ability to raise massive sums of political cash may be on a collision course with a new and unpleasant reality.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.