Limassol, Cyprus. The Renovate-Rent housing scheme has received 84 applications, including rejected submissions, despite an initial target of making 1,000 homes available on the rental market within two years.
Scheme performance
When the scheme was launched in 2024, 920 property owners registered on its platform. Interior Minister Constantinos Ioannou said in February that the programme was performing below expectations.
The total subsidy allocated so far stands at €1.2 million, compared with the scheme’s €25 million budget.
Vacant properties
The programme is intended to bring vacant homes, including inherited houses and flats requiring renovation, back onto the rental market.
Some older unlisted houses remain empty and deteriorate over time before being sold to developers and replaced by apartment blocks.
Support for owners and tenants
Under Renovate-Rent, property owners receive support to renovate vacant properties in exchange for renting them at a 30 per cent discount for four years.
The discounted properties are available to eligible tenants whose income falls below the scheme’s specified threshold. The programme aims to increase housing supply as rental demand rises and rents remain particularly high in Limassol.
