Cyprus expects more than 4,100 homes through housing incentive and rental schemes

Nicosia, Cyprus. More than 4,100 residential units are expected to be added to the market over the next three years through incentive plans and built-to-rent schemes, Interior Minister Constantinos Ioannou said. Of these, 1,142 units will be available for affordable purchase or rental.

Affordable housing plans

Ioannou told Phileleftheros that procedures are progressing for an affordable housing construction plan on state land, which is expected to provide 460 homes for young people and families at reduced rent.

He said the housing scheme for young people and families up to the age of 41 has supported 700 beneficiaries at a cost of €26 million. The government expanded the programme from its initial target of 400 beneficiaries so that applicants whose applications were not rejected could receive support.

Strong demand has created the prospect of relaunching the scheme, subject to available resources, he said.

Faster licensing

Ioannou said accelerated licensing procedures had resulted in 2,533 single-family and duplex houses being licensed within 40 working days by the end of August. A further 1,242 multi-family buildings were licensed within 80 working days.

He said the faster procedures would bring 15,000 new residential units to the market around a year and a half earlier than previously expected.

Support for Troodos communities

A total of 1,075 applications under housing plans for communities in Troodos were approved between 2023 and 2026, representing expenditure of €43 million, Ioannou said.

New schemes

Ioannou outlined two schemes announced by President Nikos Christodoulides. The first allows homeowners to add an additional floor or extend an existing property for children or grandchildren, regardless of whether the building coefficient has been exhausted.

New units may reach 150 square metres, or 180 square metres on larger plots. Ioannou said the measure would enable families to avoid the cost of financing an entirely new home.

The second scheme concerns state-owned land to be sold at 25 per cent of market value. Beneficiaries must be Cypriots under 45 who meet income and family criteria, including families with children, couples without children and single-parent families.