Cyprus Launches Renovate-Rent Scheme Offering Up to €35,000 for Refurbishing Vacant Homes
Cyprus Launches Renovate-Rent Scheme
Cyprus Launches Renovate-Rent Scheme – The Ministry of Interior has introduced the “Renovate-Rent” Scheme, offering financial incentives to property owners for refurbishing vacant homes. Grants between €15,000 and €35,000 are available to cover renovation costs, provided the refurbished properties are leased at affordable rates to eligible tenants.
Application Details
Starting April 9, 2025, at 12:00 noon, property owners can apply for the scheme through the official platform: www.prositistegi.cy. The initiative aims to address the dual challenges of increasing vacant, deteriorating properties and the shortage of affordable housing in Cyprus.
Tenant Eligibility Criteria
To qualify for renting a renovated home under this scheme, tenants must not own a residence and must meet specific income thresholds based on family size:
- Single individuals: up to €25,000
- Couples or single parents with one child: up to €45,000
- Families or single parents with two children: up to €50,000
- Families or single parents with three children: up to €55,000
- Families with four or more children: up to €65,000
Prospective tenants can apply through the same platform. Upon approval by the Cyprus Land Development Corporation (KOAG), they will have access to a list of available renovated homes for direct rental arrangements.
This scheme is part of the government’s broader strategy to rejuvenate unused properties and alleviate housing pressures for low- and middle-income families.
