The submission of applications for participation in the "Renovate-Rent" Plan and Housing Plan granting financial assistance to young people and/or young couples up to the age of 41, who fall under the comprehensive housing policy of the State. It is recalled that the unified housing policy includes a series of Plans and measures aimed, on the one hand, at increasing the housing stock in its entirety, with an emphasis on affordable housing, and, on the other hand, at increasing the purchasing power of citizens. The housing policy is focused on municipal and urban and peri-urban areas, where the greatest lack of housing stock is found. At the same time, measures are being promoted to revitalize the areas in the mountains and the countryside, in the context of the Government's broader policy to strengthen these areas.
Based on this philosophy, the urban planning incentives and the "BuildtoRent" Scheme are also being implemented, as well as the Housing Schemes for the revitalization of mountainous, critical and disadvantaged areas and specific rural areas and the Scheme for the Creation of Student Hostels/Rooms in the walled city of Nicosia .
"Renovate-Rent" Plan
This Plan is included in the first pillar of the housing policy which aims to increase the available housing stock and is a short-term measure for the inclusion of units in the affordable rent market. The aim is the inclusion in the market of approximately 1.000 units in a period of two years and the budgeted expenditure amounts to €25 million.
The Scheme provides for the grant of €15.000, €25.000 and €35.000 depending on the type of residence (one, two and three bedroom respectively) to owners of idle/empty/unused housing units, with the aim of renovating or upgrading them and then making them available to beneficiaries of affordable rent, for a maximum period of four years. The Plan applies to cases of residences (houses or apartments) located in urban and peri-urban areas. The residences must meet specific conditions, which are described in the detailed guide to the Scheme which is posted on the website of the Ministry of the Interior www.gov.cy/moi.
In the first phase, the owners of the residential units have the right to submit an application, from November 15, 2024, at 12 noon. The submission of applications ends on December 31, 2025. Applications can only be submitted electronically, fully completed, with all the necessary documents, through the online platform of the Cyprus Land Development Organization (CLOAG). www.prositistegi.cy. Once the applicant is approved, they proceed with the renovation/upgrading of their property and, upon completion of the work, register it on the online platform for rent so that it can be identified by eligible tenants.
The sponsorship is paid in two installments, as follows: 40% of the sponsorship is paid upon completion of 50% of the renovation work and the remaining 60% upon full completion of the work and the availability of the property for rent.
Housing Scheme granting financial assistance to young people or young couples up to 41 years of age
The Plan falls under the second pillar of the housing policy, which aims to strengthen the purchasing power of citizens, by granting financial assistance for the acquisition of a privately owned residence. The aim of the Scheme is the financial support of 400 beneficiaries for the purchase or construction or improvement of a residence acquired by donation or in another legal way, the area of which does not exceed 100 sq.m. and which will be acquired for ownership purposes for a period of at least 10 years.
The amount of the sponsorship amounts to €20.000 for single individuals, €45.000 for families without children and €50.000 for families with children and single-parent families. The Plan is applied for the acquisition of a residence in municipal areas, as they have been formed after the reform of the Local Government. Income criteria based on family composition apply, which are detailed in the Scheme guide available on the Home Office website www.gov.cy/moi.
Applications for participation in the Scheme are submitted from Friday, November 15, 2024, at 12 noon, until December 31, 2024. Applications can only be submitted online through the online platform www.housing.moi.gov.cy and applications will be reviewed from the Provincial Administrations, provided that they are fully completed and accompanied by all the necessary certificates.
As long as the criteria of the Plan are met, the beneficiaries will be given a pre-approval letter, with which they can deposit in a banking institution to secure the remaining amount required to acquire the residence. The remaining amount can be financed by a combination of loans and own deposits. The sponsorship is paid in three installments: 20% upon approval, 60% upon completion of 50% of the project and 20% upon completion of the project and connection to the EAC network. In cases of completed housing that has been repaid, the financial aid is paid in one installment.
