On Friday 15 November, Cyprus began accepting applications for new housing programmes.
The first is aimed at supporting young people and couples under the age of 41 who want to own their own home, and the second is for owners of flats and houses who want to renovate their property for rental at affordable prices.
It should be recalled that the Ministry of the Interior was obliged to supervise both state schemes. The total budget of the first scheme is 15 million euros and only 400 beneficiaries will receive state support. The main criterion for participation will be the annual income, which should 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 varies between 20,000 and 50,000 euros, depending on the composition of the family. It is important to note that the grants will be distributed to 400 beneficiaries on a first come, first served basis through the online platform www.housing.moi.gov.cy.
Applicants must be Cypriot or EU citizens and have been legally resident on the island for the last five years. For Cypriots returning from abroad, this period is reduced to 2 years. The size of the property must not exceed 100m2 and the flat or house must be located outside the city limits.
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 residential units onto the market of affordable rental 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 are eligible to apply for additional grants from the Department of Energy for energy efficiency improvements, provided that the improvements do not overlap with work under the scheme.
You can apply for the scheme at www.prositistegi.cy until 31 December 2025.