Revised Renovation-Renting scheme launched in Cyprus

The government of Cyprus has launched a revised version of the 'Renovate-Rent' scheme, aimed at utilizing vacant residential properties. The initiative, which opened on March 16, 2026, and will remain active until December 31, 2027, provides property owners with grants of up to €40,000 for the renovation or repair of inactive units. To be eligible, owners must commit to renting out the refurbished properties at an affordable rate for a minimum period of four consecutive years.

The project features a total budget of €13 million, with the specific goal of introducing 1,000 housing units into the rental market within two years. Compared to the first iteration of the program, the maximum grant amounts have been increased by €5,000 per property type to better cover rising renovation costs and reduce the financial burden on owners. The scheme is designed to address the current housing shortage by connecting property owners who lack capital with tenants, families, and workers seeking rents below market value.