The Cypriot government has rolled out a new initiative aimed at tackling both urban decay and the housing crisis—the “Renovate-Rent” Scheme, launched by the Ministry of Interior. The scheme offers property owners financial aid of up to €35,000 to refurbish empty homes, with one key condition: they must rent them to low- or middle-income tenants at affordable rates.
How It Works
Starting from Wednesday, April 9, at 12:00 noon, homeowners can apply through the official government portal: www.prositistegi.cy.
The grant amount varies between €15,000 and €35,000, depending on the scope of renovations. But the incentive comes with a commitment: renovated properties must be offered to approved tenants who meet income-related eligibility requirements.
Who Can Rent These Homes?
The initiative is specifically geared toward individuals and families who do not already own property and fall within certain income brackets, which vary by household size:
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🧍 Single applicant: Income up to €25,000
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👩❤️👨 Couple or single parent with 1 child: Up to €45,000
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👨👩👧 Family or single parent with 2 kids: Up to €50,000
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👨👩👧👦 Family or single parent with 3 kids: Up to €55,000
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👨👩👧👦➕ Families with 4+ kids: Up to €65,000
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Prospective tenants can also apply via the same online platform. Once their applications are reviewed and approved by the Cyprus Land Development Corporation (KOAG), they’ll gain access to a list of available renovated homes, which they can then rent directly.
A Two-in-One Solution
This dual-purpose program is designed to breathe life back into neglected housing stock across Cyprus while also providing affordable living options for those priced out of the current rental market.
According to the Ministry, the ultimate goal is to create a win-win for both property owners and families in need, by encouraging renovations and boosting the supply of accessible housing.
Interested homeowners and tenants can find more details and start the application process at www.prositistegi.cy.
Source: www.news.cyprus-property-buyers.com