20.12.2023
Today’s meeting of the Council of Ministers approved detailed recommendations for implementing the “Built to Rent” plan on private land and revised city incentives. This marked the beginning of the implementation of two main directions of the new unified housing policy. Two medium-term measures are aimed at increasing the construction of residential real estate and their availability on the market.
Constantinos Ioannou said the plan aims to gradually increase the housing stock, which will be available for both sale and rent, in order to reduce prices and provide affordable housing for those who need it.
The Build to Rent plan provides for the construction of additional residential properties with land managers applying an additional construction factor of up to 45% of the current one, with a commitment to provide all additional properties at an affordable rental price for a period of at least six years. It is worth noting that affordable rentals will be offered at prices reduced by 30% compared to rental rates on the market in each municipality.
The plan aims to encourage the private sector to participate in the development of new residential properties, which will add approximately 800 additional apartments to the market over the next three years. The Minister emphasized that this plan has not previously been applied in Cyprus and is attractive to businessmen working in the real estate development sector.
These measures form an attractive package for the construction industry to offer more affordable residential property to the market.
