Up to €35,000 in Grants: Cyprus’s ‘Renovate-Rent’ Scheme Boosts Affordable Housing

The Ministry of Interior has rolled out the “Renovate-Rent” program, offering grants of up to €35,000 for property owners who renovate unoccupied homes. In exchange, recipients must rent these properties at affordable rates to qualifying tenants.

Starting Wednesday, April 9 at 12:00 noon, applicants can visit www.prositistegi.cy to begin the process. This initiative tackles two key issues: reducing the number of vacant, run-down buildings across Cyprus and expanding accessibility to reasonably priced rentals.

Grant Details & Requirements

Renovation grants range from €15,000 to €35,000, intended to refurbish or modernize properties. In return, beneficiaries must offer these homes to tenants whose annual household income meets specific thresholds, ensuring the new rental stock serves low- and middle-income families.

Who Can Rent?

Approved tenants must not own a home and must fall within these household income caps:

• Single: Up to €25,000
• Couple or single parent + 1 child: Up to €45,000
• Family or single parent + 2 children: Up to €50,000
• 3 children: Up to €55,000
• 4 or more children: Up to €65,000

Prospective tenants submit an application on the same platform. Once approved by the Cyprus Land Development Corporation (KOAG), they can browse and directly arrange to rent a renovated home that meets the scheme’s criteria.

For property owners interested in bargains, explore our Cheap Houses and Villas for Sale Cyprus. You can also check out Auction Properties in Cyprus for more investment opportunities.

The Ministry’s goal is to reinvigorate neglected properties and simultaneously ease the housing market for families who face financial hurdles. For further details, visit www.prositistegi.cy.

Article source: Knews, 8 April 2025