The Greek government is giving property owners in Greece an incentive to renovate.

Government Spokesman Stelios Petsas said that homeowners who upgrade their property assets will be eligible for a tax reduction of up to 40 per cent. In an interview with SKAI, he said that the tax perk could be offset with other financial obligations, such as the payment of the joint real estate ownership tax (ENFIA).

He said that “the government’s main plan is to provide a reduction of taxes up to 4,000 euros for those who spend 10,000 euros upgrading their property. He stressed that “the budgetary burden should also be taken into account.”

READ MORE: Property owners in Greece facing significant increase in taxation

The goal of the new tax perk is to support the construction industry which was significantly affected during the Greek economic crisis.