In a decisive move to address Cyprus’ persistent housing shortage, the Cabinet recently approved significant modifications to a special incentives scheme designed to boost the supply of affordable homes.
The revised framework not only raises new prospects for construction companies but also responds to the increasing demand for reasonably priced apartments among international workers.
According to Interior Minister Constantinos Ioannou, the scheme has been expanded to draw stronger interest from developers. By broadening where residential builds can occur and easing some requirements, the government aims to spur more housing projects across diverse zones.
“This Cabinet decision is a major step forward in establishing a robust housing policy,” Ioannou remarked.
In tandem with these changes, authorities are rolling out a directive to guide the creation of collective living complexes, primarily catering to foreign employees.
“These units are meant for short or medium-term stays, targeting specific workforce segments,” Ioannou explained, noting the anticipated support for businesses and essential economic sectors.
The directive will detail minimum room sizes, en-suite bathrooms, and shared facilities for up to eight occupants, resembling student residence designs.
By dedicating alternative housing to foreign workers, the plan aims to ease housing market stress and free up conventional homes for locals.
Minister Ioannou maintained that bolstering the housing stock through strategic public-private cooperation is a principal focus, asserting:
“Our ministry stays resolved in providing workable solutions that will gradually reduce the housing crunch affecting our citizens.”
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