On November 15, 2024, applications will open for participation in the "Renovate-Rent" Scheme and the Housing Assistance Scheme, which provides financial aid to young individuals and young couples up to 41 years of age as part of the government’s integrated housing policy.

The unified housing policy includes several plans and measures aimed at increasing the overall housing stock, particularly affordable housing, and enhancing citizens' purchasing power. The policy focuses on urban and peri-urban areas where housing shortages are greatest, while also promoting measures to revitalize mountainous and rural regions, supporting the government’s broader policy to strengthen these areas.

In line with this philosophy, other schemes such as urban planning incentives, the "Built to Rent" Scheme, and Housing Plans for the revitalization of mountainous, frontier, and disadvantaged areas, as well as specific rural areas, and the Student Housing/Dormitory Scheme in the walled city of Nicosia, are also implemented.

This scheme is part of the first pillar of housing policy, aimed at increasing available housing stock with a short-term measure to introduce units to the affordable rental market. The target is to bring about 1,000 units into the market within two years, with an estimated budget of €25 million.

The scheme provides grants of €15,000, €25,000, and €35,000 depending on the type of residence (one, two, or three-bedroom, respectively) to owners of inactive, vacant, or unused housing units. These grants aim to support the renovation or upgrading of these properties, making them available for affordable rental for up to four years. The scheme applies to houses or apartments in urban and peri-urban areas, which must meet specific conditions detailed in the scheme’s guide available on the Ministry of Interior’s website www.gov.cy/moi.

Initially, applications are open to property owners from 12:00 p.m. on November 15, 2024, until December 31, 2025. Applications are submitted only online, fully completed, with all necessary documentation, via the Cyprus Land Development Corporation's (KOAG) online platform at www.prositistegi.cy. Once approved, applicants can proceed with renovations or upgrades. Upon completion, the property is listed on the electronic platform for rental by eligible tenants.

Grants are disbursed in two installments: 40% upon completion of 50% of the renovations, and the remaining 60% upon full completion and listing of the property for rental.

This scheme falls under the second pillar of housing policy, which aims to enhance citizens' purchasing power by providing financial aid for home ownership. The scheme targets financial support for 400 beneficiaries for the purchase, construction, or improvement of a residence acquired through donation or other legal means. The property should not exceed 100 square meters and must be for personal residence for a minimum of 10 years.

Grants range from €20,000 for single individuals, €45,000 for families without children, and €50,000 for families with children and single-parent families. This scheme applies to homes in municipalities as defined after the Local Government reform. Income criteria based on family composition are outlined in the scheme’s guide, available on the Ministry of Interior’s website www.gov.cy/moi.

Applications are open from November 15, 2024, at 12:00 p.m. until December 31, 2024. They must be submitted online via the platform www.housing.moi.gov.cy and will be reviewed by District Administrations, provided all required documents are included.

Eligible applicants will receive a pre-approval letter, allowing them to approach a bank to secure the remaining funds needed for the home purchase. Financing can be combined with loans and personal savings. The grant is paid in three installments: 20% upon approval, 60% upon completion of 50% of the project, and 20% upon project completion and connection to the EAC network. For fully completed properties already paid off, the grant is disbursed in a single installment.