The government of the Republic of Cyprus will cover half the cost of building, buying, or renovating real estate. The benefits will be provided through a new state program to support the population.
Married couples, singles, and young families (spouses under 41) will be able to receive a subsidy for the purchase of housing. The program will be launched in the first quarter of this year and will last for two years. During this period, 400 applicants are expected to participate. 15 million euros have been allocated for subsidies.
Citizens of Cyprus or citizens of EU countries who have lived on the island for more than five years will be able to apply for assistance.
Subsidies are provided to those whose annual income does not exceed:
- €25,000 for one person
- €45,000 for a couple or a parent with one child
- €50,000 for a family of three
- €55,000 for a family of four
Those wishing to take advantage of the program and their spouses must not have owned real estate for the past five years. It is also required to confirm that the applicant and his partner do not have enough funds to buy a home.
The property must be purchased after January 1, 2024, and remain in the possession of the applicant for the next 10 years. The living area must not exceed 85 sq. m. This area does not include open verandas up to 20 sq. m or covered verandas that make up less than 20% of the living space.
The subsidy implies covering part of the costs for:
- construction
- purchase
- purchase and renovation
- renovation
The amount of payments will be up to 50% of the cost of purchasing housing. The minimum cost of construction, purchase, or renovation, half of which will be paid:
- €20,000 for one person
- €45,000 for a couple or a parent with a child
- €50,000 for a family with children
The limit of subsidized expenses will be determined depending on the circumstances of the applicant.
