The Cabinet on Tuesday 29th October approved two new housing schemes aimed at stimulating the property market in Cyprus and helping young couples to buy a home.
This was announced by Interior Minister Constantinos Ioannou.
He said the schemes, entitled 'Housing subsidies for young couples and/or persons under 41' and 'Repairs and rent', would be supervised by the interior ministry. Under the first scheme, which has a total budget of 15 million euros, around 200 beneficiaries will receive state assistance. The main criterion for participation will be annual income, which must not exceed
- 25 thousand euros for single persons
- 45 thousand euros - for families with two adults or a single parent;
- 50 thousand euros - for families of three;
- 55 thousand euros - for families with four or more members.
The maximum financial support that applicants can count on will vary between 20,000 and 50,000 euros, depending on the composition of the family.
On the other hand, the 'Repair and Rent' programme, for the implementation of which, according to the minister, 25 million euros have been allocated, aims to bring 1,000 empty housing units into the affordable rental market in Cyprus within two years. The scheme is open to both natural and legal persons.
The main conditions for receiving cash grants are:
- The property must have been empty for at least one year prior to the deadline of 1 October 2023;
- The property must be at least 15 years old;
- The property consumes less than 200 kWh per year, as evidenced by electricity bills.
The maximum subsidy under this scheme is set at €15,000 for one-bedroom flats, €25,000 for two-bedroom flats and €35,000 for three-bedroom flats. It is important to note that under the terms of this scheme, owners are prohibited from renting their homes to relatives within the first degree of consanguinity. In addition, the property must be legally registered. In the case of joint ownership, all parties must agree to participate in the scheme. Owners will be eligible to apply for additional grants from the Ministry of Energy for energy upgrades, provided that the upgrades do not overlap with the work under the scheme.
Ioannou stressed that the above initiatives are a continuation of his department's significant efforts to promote urban planning and build-to-rent schemes, which have attracted considerable public interest.