The Interior Ministry has officially unveiled the “Revamp and Rent” Program, providing an opportunity for property owners to secure grants of up to €35,000 for renovating vacant houses — provided they lease them at affordable rates.

Beginning at noon on Wednesday, April 9th, homeowners can submit their applications digitally. This initiative aims to address two pressing issues simultaneously: the increasing number of unoccupied, dilapidated buildings throughout Cyprus and the scarcity of affordable housing options for those in need.

This program offers grants ranging from €15,000 to €35,000 to assist property owners in covering renovation or upgrade expenses. In exchange, these owners must offer the refurbished properties to tenants who meet designated income criteria.

Who is eligible to lease a refurbished property?

According to the Ministry, qualifying tenants must not already own a home and must have incomes within specific ranges, depending on their household size:

– 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

Prospective tenants can complete an application form online. Once the Cyprus Land Development Corporation reviews and approves the application, tenants can explore a selection of available renovated homes and make direct rental arrangements.

The Ministry aims for the scheme to rejuvenate underutilized properties while alleviating housing pressures for families with lower and moderate incomes.

For more information and application details, interested parties are encouraged to visit the relevant government platform.