In October, the Cyprus Ministry of Interior presented two new housing plans approved by the Cabinet of Ministers under the program “Housing of My Future”. These plans are aimed at supporting young families and improving housing conditions for low-income citizens. Submission of applications for participation will begin on November 15 and will last until the end of the year.
Housing subsidy program for young couples and individuals under 41
The first plan, presented by Constantinos Ioannou, is aimed at supporting young couples and citizens up to 41 years of age. The program provides financial assistance to young families and single citizens for the purchase of their first residential property. Participants can be both Cypriots and EU citizens who have permanently resided in the territory of the Republic of Cyprus for at least five years, and for citizens returning to their homeland – at least two years.
Important condition: persons who have previously received state aid for housing needs, as well as those who have already owned their own property in the last five years, cannot participate in the program. The maximum subsidy will be 50% of the eligible expenses, with a minimum threshold of 20,000 euros. To participate in the program, residential property must be located in a residential area, have an area of up to 100 sq. m, and be purchased for permanent residence for at least 10 years.
“Renovate-Rent” program
The second plan, called “Renovate-Rent,” is aimed at improving existing residential properties and renting them out. The plan allows owners of properties in need of renovation to receive assistance for renovations so that they can rent out their property at affordable prices. The program is aimed at supporting vulnerable groups of citizens, including people with disabilities, large families, and low-income individuals. The program covers the renovation or modernization of residential units that have been inactive for at least the past 12 months. Owners can apply for participation through an online platform and, once approved, carry out the necessary work.
After the renovation is completed, the owner can rent out the residential property for a minimum period of two years. The state supports owners by providing a one-time subsidy for renovation.
Funding for the programme is included in a package of measures to support economic stability and accelerate the transition to a green economy.
For renovation, owners can receive a subsidy if certain conditions are met: work must begin no earlier than October 24, 2023, and be completed no later than six months after the application is approved. The maximum subsidy amount covers only part of the costs, and the owner must cover all additional costs themselves.
The Ministry of Internal Affairs sets maximum rental rates for such properties, reducing them by 30% from the market level. This makes rent more affordable for the local population, including young families and citizens with limited income.
Tenants under the program are Cypriots and EU citizens who have been resident in the country for at least five years and do not own their own residential property. They must meet income criteria and be eligible for the affordable housing program.
Application process and evaluation
To apply for any of the programs, participants must fill out a form on a special online platform www.housing.moi.gov.cy, starting from November 15. All documents must be sent electronically, and upon successful submission, each participant will receive a unique number to track the queue. Applications will be reviewed by the Ministry of Interior and local administrations, which will check compliance with the requirements and conditions of participation.
If the application is approved, the participant will have to provide proof of receipt of the loan within four months. If the application is rejected, the applicant has the right to appeal within 20 working days.
