The Council of Ministers has approved two new housing schemes aimed at boosting the property market and helping young couples acquire homes.
The schemes, which fall under the Ministry of Interior’s jurisdiction, include the “Renovate and Rent” programme and the “Housing Subsidy Scheme for Young Couples and/or Individuals up to 41 Years Old”.
Interior Minister Konstantinos Ioannou said these initiatives follow the successful urban planning incentives and build-to-rent scheme, which received significant public interest.
The Housing Subsidy Scheme, allocated €15 million, aims to provide one-off financial assistance to approximately 200 beneficiaries.
Eligible applicants must meet specific income criteria, with annual thresholds set at €25,000 for single persons, €45,000 for couples or single-parent families, €50,000 for three-person households, and €55,000 for families of four.
Financial support under this scheme ranges from €20,000 for single individuals to €45,000 for couples or single-parent families, and €50,000 for families with children.
The “Renovate and Rent” scheme, with a budget of €25 million, aims to introduce 1,000 vacant residential units into the affordable rental market over two years.
Property owners, both individuals and legal entities, can receive subsidies for renovating vacant properties that have been unused for at least 12 months prior to October 2023.
To qualify, properties must be at least 15 years old and have consumed less than 200 kWh annually, as verified by electricity bills.
Subsidy caps are set at €15,000 for one-bedroom units, €25,000 for two-bedroom properties, and €35,000 for three-bedroom homes.
The scheme prohibits owners from renting to first-degree relatives, and properties must be legally registered. In cases of co-ownership, all parties must consent to participate in the scheme.
Owners can also apply for additional energy upgrade grants from the Ministry of Energy, provided the renovations do not overlap with works covered under this scheme.
