The Ministry of Interior has officially launched the “Renovate-Rent” Scheme, opening the door for property owners to receive grants of up to €35,000 to fix up vacant homes — as long as they rent them out affordably.
Starting Wednesday, April 9, at 12:00 noon, homeowners can submit applications through the government platform www.prositistegi.cy. The initiative is designed to tackle two big issues at once: the growing number of empty, run-down properties across Cyprus and the lack of affordable housing for people in need.
Through the scheme, grants ranging from €15,000 to €35,000 will be offered to help cover the costs of renovation or upgrades. In return, property owners must make those homes available to tenants who meet specific income criteria.
Who qualifies to rent a renovated home?
According to the Ministry, eligible tenants must not already own a home and must fall within set income brackets, depending on their family size:
Single person: up to €25,000
Couple or single parent with 1 child: up to €45,000
Families or single parents with 2 children: up to €50,000
Families or single parents with 3 children: up to €55,000
Families with 4 or more children: up to €65,000
Tenants interested in applying can fill out a form through the same online platform. Once the Cyprus Land Development Corporation (KOAG) reviews and approves their application, they’ll be able to browse a list of available renovated homes and directly arrange to rent one.
The Ministry hopes the plan will breathe new life into underused properties while also easing the housing pressure for lower- and middle-income families.
For full details and to apply, visit www.prositistegi.cy.
This article was first published in Knews 8 April 2025
