08.11.2023
The Cyprus Economic and Competitiveness Council ( Soak ) on Wednesday presented a comprehensive set of measures and recommendations aimed at addressing the pressing issue of affordable housing in Cyprus. In this context, Soak has studied best practices from other countries that can also be applied in Cyprus. They also reviewed measures proposed by other stakeholders, including the government, to effectively address the issue.
Soak also recommended the adoption of compensatory measures through large-scale construction, which would allow the state to raise money, which in turn could contribute to the housing stock or go towards the construction of buildings. They also proposed providing tax incentives based on economic, age and geographic criteria, in addition to subsidizing home loan interest rates for first-time homebuyers.
Finally, Soak stated that he believes these incentives should be included in a comprehensive plan aimed at developing and revitalizing specific areas, taking into account the need for decentralization and reducing traffic congestion.
