Cyprus’ Interior Ministry has officially launched the “Renovate-Rent” scheme, opening the door for property owners to receive grants of up to 35,000 euros to fix up vacant homes – as long as they rent them out at affordable rates afterwards.
Starting on Wednesday, at 12 noon, homeowners can submit applications through the government platform www.prositistegi.cy. The initiative is designed to tackle two big issues at the same time: The growing number of empty, run-down properties across Cyprus and a general shortage of affordable housing. Through the scheme, grants ranging from €15,000 to €35,000 will be offered to help cover the cost of renovations or upgrades. In return, property owners must make those homes available to tenants who meet specific income criteria.
According to the ministry, eligible tenants cannot already own a home and must fall within set income brackets, depending on the size of their family: Single person, up to €25,000; couple or single parent 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.