Cyprus cabinet approves two new housing schemes for young people and families

Nicosia, Cyprus. President Nikos Christodoulides announced on Sunday that the cabinet had approved two new housing schemes aimed at addressing the housing needs of young people and families.

The measures include discounted state-owned plots and incentives for families to create additional homes on existing properties.

Housing schemes

The first scheme will allow families to use existing property to create an additional home for children or grandchildren, including by adding a floor, extending an existing residence or using available space on a plot.

The scheme will apply even where the permitted building coefficient has already been exceeded.

The second scheme concerns state-owned land, with plots to be sold at 25 per cent of their value, representing a 75 per cent reduction.

Land availability

As an initial step, 570 plots will be made available across all provinces, with further subdivisions planned.

Christodoulides said the scheme would reduce the cost of acquiring land for young families and provide greater scope for them to build their own homes.

Government housing measures

In a video message, the president said the two schemes offered additional opportunities for young people and reflected the government’s priority on housing.

He said that more than 10 housing projects had been designed and implemented since his administration took office, with total investment exceeding €300 million.

According to Christodoulides, the measures have added more than 5,500 new housing units to the market, while more than 15,000 families are using fast-track licensing procedures introduced by the government.