19.06.2024
“Builders and land developers are showing great interest in using special housing incentives to create affordable residential properties for sale and rent,” Constantinos Ioannou said today.
Speaking after the end of the Council of Ministers meeting, he noted that since the announcement of housing measures in October 2023, there has been ongoing communication and dialogue with construction sector professionals to improve existing plans.
As the minister noted, the proposals and opinions of professionals in the field of land management were taken into account, so it was decided to change and expand the criteria so that urban planning incentives and the “ Built ” scheme to Rent ” have become more attractive to the private and wider public sector for the production of affordable residential real estate.
The Council of Ministers approved a number of amendments:
- For the first category, the requirements for net area have been reduced from 4,000 to 2,000 sq.m.
- Additional categories and residential areas included.
- In the second category, the criterion is from 1000 sq.m. was reduced to 800 sq.m.
- Changed the percentage of residential unit types throughout the development to bring it in line with the provisions of the current Development Plan.
- has been changed from 20% to 25% and in favor of the construction of affordable residential real estate from 25% to 20%.
- Permission has been given to the town planning authority to, at its discretion, allow the acquisition of parking spaces for visitors provided that at least one functional parking space is provided for each residential unit in the development site.
- Authorizes the City Planning Office to exercise its discretion to allow minor deviations from the expected development area resulting from the use of the Affordable Housing Incentives for sound development planning purposes.
- The need to appoint the Director of the Department of Town Planning and Housing as the competent town planning authority to consider town planning applications for developments availing the benefit.
