Recently, the Cypriot government announced a massive plan to solve the housing problem in the country. According to an official statement, 77 million euros will be allocated over the next five years to improve housing conditions. 

Interior Minister Constantinos Ioannou emphasized that these measures are primarily aimed at supporting the middle class and young people; they will be able to receive significant amounts of assistance that will allow them to provide themselves with housing. 

In addition to financial support, the program also includes the creation of affordable options for renting and buying housing. This initiative is designed to bring unused properties back to the market and improve housing conditions.

The housing renovation program aims to return 1,000 units to the market within two years. Depending on the number of bedrooms, homeowners can receive financial support of €15,000 for one-bedroom units, €25,000 for two-bedroom units, and €35,000 for three-bedroom units.

Among the conditions: the home must be at least 15 years old and must have been vacant for one year before the last listing; renovation work must be completed within six months of the application being approved; and the home must be rented out on a long-term, affordable basis. 

It is important to note that all vacant properties will be posted on a special website, which will be launched soon. Landlords renting out housing under this scheme will be entitled to tax benefits, which will make participation in the program even more attractive.

In addition, the Cypriot government is incentivizing rural development by allocating building plots for low-income families. Since 2019, 1,300 people have already received financial assistance totaling €46 million.

The criteria for financial assistance are determined based on those established by the Social Security Services and other relevant authorities. They are based on family composition and income. For example, a single person can receive up to €25,000, and a couple can receive €45,000. Families of three people can receive €50 thousand, and families of four can receive €55 thousand. Families of five or more people can claim €65,000.