11.04.2024
The government’s housing policy aims to gradually increase the housing stock and aims to create affordable housing options for citizens in need.
According to the government statement, “a number of external factors such as the pandemic, geopolitical instability due to the wars in Ukraine and the Gaza Strip, global inflation, rising prices for construction materials and fuel have caused a gradual increase in property prices recently, making affordability difficult.” acquisition of different residential real estate options for citizens.”
To mitigate this serious problem that plagues Cypriot society and especially the island’s youth, since coming to power in the country, the Christodoulides government has “placed high priority on finding realistic ways to solve the housing problem.”
“Investing in strengthening the welfare state and focusing on people, the government announced a unified housing policy last October with specific and targeted actions.” In order to gradually increase the housing stock, the statement said, “the housing policy aims to create affordable housing options for citizens who need it. Through a set of plans and measures, it is intended to increase the purchasing power of citizens and access to affordable housing, with a focus on young families, as well as medium- and low-income Cypriot citizens.”
In this context, it is reported that the implementation of selected plans for an integrated housing policy has already begun from December 2023 with the implementation of the innovative “Built to Rent” plan for Cyprus and revised urban planning incentives. “These two actions provide an attractive package for homebuilders to bring more housing units to market while ensuring a minimum number of affordable housing units.”
It adds that “the involvement of the private construction industry in the implementation of the Plans will furthermore help reduce the time required to complete a project, with the aim of adding a large housing stock to the market over the next few years.”
“Over the next few days details of the Renovate-Rent plan , which is a housing strategy measure, will be unveiled that will provide an immediate solution by bringing to market refurbished residential properties that are sitting idle and unused by their owners.”
