Ministry of Interior announces new housing initiatives

Minister of Interior Constantinos Ioannou announced a comprehensive strategy to increase the housing supply in Cyprus during a Parliamentary Committee on Refugees meeting. The government's urban planning incentives scheme has already received 47 applications, expected to yield over 2,500 residential units, including 400 affordable housing options. Developers who opt out of providing affordable units contribute funds, which have generated €17 million for the Cyprus Land Development Corporation to construct 441 additional units. Furthermore, the ministry is in the early stages of planning the construction of apartment buildings on vacant state-owned land within refugee settlements to be offered at affordable rents, potentially set at 70% of market rates. In the private sector, rapid permitting processes have facilitated plans for approximately 930 apartment buildings and 3,000 houses as of May. The minister also noted that two specific projects in Aglantzia and Strovolos are scheduled for completion in July. Finally, the government is implementing a new objective system with clear criteria for the transparent allocation of Turkish Cypriot properties.