10.06.2024
The issue of the cost of purchasing houses or apartments in Cyprus is well known and has become a serious issue, especially in recent years. Of course, there is a particular problem with the level of rents for residential real estate.
There are plans to solve the housing problem thanks to the low cost of real estate. What is this? Will the Cypriots need to import prefabricated timber units or something else and the land development agency will take control of them and be involved? One can see today the result of post-war settlements being added to the dilapidated neighborhoods and social classification of citizens.
The Housing Finance Corporation and Land Development Agency, being government-owned, cannot cope with this measure and do not have adequate land to build the projects. Building 50-100 housing units per year throughout Cyprus will not solve the problem.
Regardless, it will require a two to three year wait for permitting and enforcement while rents are expected to rise. Therefore, both as a temporary measure for a period of five years and for areas within cities, rental apartments should be eligible for tax relief to encourage existing owners to rent out.
