Cyprus Renovate–Rent: Grants up to €40,000 for Vacant Homes
Cyprus has reopened its Renovate–Rent scheme until 31 December 2027, offering owners of vacant homes up to €40,000 for renovation in exchange for four years of rent 30% below the local market.
By RealDeal team · 2 min read · Published 8 Oct 2026
The Cyprus Ministry of Interior's Renovate–Rent scheme is open for a second call from 16 March 2026 to 31 December 2027. Owners of vacant or unused homes can receive a renovation grant if they then let the property at an affordable rent for four consecutive years. The total budget is €13 million, with a target of 1,000 homes (FastForward).
Grant amounts
Maximum grants rose by €5,000 per home type compared with the first call:
| Home type | Maximum grant |
|---|---|
| One bedroom | €20,000 |
| Two bedrooms | €30,000 |
| Three or more bedrooms | €40,000 |
The grant covers documented eligible costs and is paid in one lump sum after the works are finished, so the owner funds the renovation first.
What changed in the second call
- The electricity limit for proving a home is vacant rose from 200 to 500 kWh a year over the last 12 months.
- Offices and commercial units can join after a legal change of use to residential.
- The scheme now also covers border and rural areas.
- Tenant income limits rose by €5,000.
Owner obligations
- The building permit must predate 1 January 2012.
- Rent must not exceed the area's average market rent minus 30%, for four consecutive years, paid by bank transfer.
- The home cannot be sold or let to close relatives during that period.
- The grant can be combined with energy-upgrade schemes, as long as the same cost is not funded twice.
Take-up so far
From November 2024 to 16 August 2026 the scheme received 86 applications in total, of which 54 were approved (FastForward). Applications are submitted through the Affordable Housing platform run by the Cyprus Land Development Corporation; the official guide is on the Ministry of Interior website.
This article is for information only and is not tax or legal advice.