The government has expressed satisfaction with property developers’ response to updated housing incentives announced by the Ministry of Interior in June.
Interior Ministry Permanent Secretary Elikkos Elia noted increased interest in affordable housing market investments, citing multiple social and economic benefits.
Speaking on behalf of Interior Minister Konstantinos Ioannou at a Cyprus Land and Building Developers Association event in Nicosia on Tuesday, Elia said the first planning applications utilising housing incentives had been submitted.
He added that several affordable housing projects were under review, with more planning permission applications expected soon.
Elia emphasised the government’s continued commitment to affordable housing, stating their aim was to further stimulate the property sector through new urban planning interventions.
These measures target specific demographic groups with distinct social and economic characteristics.
The ministry continuously monitors and evaluates housing market conditions and emerging social needs, updating the housing incentives framework when necessary, Elia said.
Discussing upcoming schemes to be implemented in the next three weeks, Elia highlighted the “Renovate-Rent” programme.
This initiative, alongside urban planning incentives and the “Build to Rent” scheme, aims to boost residential unit supply by offering grants to owners of vacant properties for upgrades or renovations, provided they make them available at affordable rents to eligible tenants.
He also announced a new financial assistance scheme for young individuals and couples up to age 41 seeking their first home, which will launch within three weeks under specific conditions.
The Cyprus Land and Building Developers Association President Yiannis Misirlis welcomed the Interior Ministry’s housing policy, describing it as a significant step towards addressing housing challenges faced by thousands of citizens, particularly vulnerable groups.
Senior Planning Officer Natasa Kaspari and Cyprus Land Development Corporation (CDLC) Director General Eleni Symeonidou explained that the new housing incentives philosophy offers increased development potential for plots, provided developers create affordable housing units alongside their main development.
These units must be made available to eligible recipients designated by the CLDC at prices set by the organisation.
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