Cyprus expects more than 4,100 new homes over three years
Cyprus expects more than 4,100 housing units to enter the market over the next three years thanks to incentive programmes and build-to-rent housing schemes. Interior Minister Constantinos Ioannou said this in an interview, Cyprus Mail reports.
According to the minister, 1,142 of the planned homes will be available for purchase or rent at an affordable price. At the same time, procedures are continuing under a programme to build affordable housing on state land, which provides for about 460 homes for young people and families with reduced rent.
Accelerated licensing
Ioannou linked the increase in market supply to faster licensing procedures. According to his data, by the end of August, 2,533 single-family and two-family homes received permits within 40 working days, while 1,242 apartment buildings received permits within 80 working days.
The minister said this could allow 15,000 new housing units to enter the market about a year and a half earlier than expected before the accelerated procedures were introduced.
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Programmes for young people and families
The housing programme for young people and families under the age of 41 has already supported 700 beneficiaries and cost €26 million, Ioannou said. The programme was initially designed for 400 recipients, but the government expanded it so that support could be received by all applicants whose applications were not rejected.
Due to high demand, the authorities are considering relaunching the programme if resources are available. Separately, Ioannou said that 1,075 applications under housing programmes for Troodos communities were approved in 2023–2026, with expenditure amounting to €43 million.
President Nikos Christodoulides also announced two new schemes. The first allows homeowners to add an extra floor or extend existing property for their children or grandchildren, even if the plot's building coefficient has already been exhausted. The area of new housing units may reach 150 square metres and, on larger plots, 180 square metres.
The second scheme provides for the sale of state land at 25% of market value to Cypriots under the age of 45 who meet income and family composition criteria. About 570 plots are planned to be distributed across all provinces of the country.
