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New opportunity for tenants and property owners
The Ministry of Interior has officially announced that the ‘Renovate & Rent’ Platform Launches on April 9 at 12:00 noon, through the new online portal available at www.prositistegi.cy.
The platform offers a dual benefit: tenants can apply for affordable housing, while property owners can receive grants to renovate and rent out vacant homes.
Grants up to €35,000 for property renovations
Through the ‘Renovate & Rent’ scheme, property owners are eligible to receive between €15,000 and €35,000 to renovate empty residential units and rent them at affordable rates.
Who qualifies as a tenant
Applicants must meet specific income and household criteria. Additionally, they must not own another private residence, either individually or jointly with a spouse or partner.
The gross annual income limits are as follows:
- Up to €25,000 for a single person
- Up to €45,000 for a couple or single parent with one child
- Up to €50,000 for a household of three
- Up to €55,000 for four-person households
- Up to €65,000 for households of five or more
How the process works
All applications submitted via the platform will be reviewed by the Cyprus Land Development Corporation (Koag). Eligible applicants will gain access to a list of available renovated properties and may sign rental agreements directly with the property owners.
As the ‘Renovate & Rent’ Platform Launches on April 9, the scheme aims to revitalize unused housing stock and significantly improve access to affordable housing solutions across Cyprus.
Discover more property news and home advice by reading our other blogs on Properush. Stay informed about the latest rental price trends for apartments and houses in Cyprus to make the best property decisions.
Source: Cyprus Mail
