About this Summary
This summary was created with the help of artificial intelligence (AI) to help readers quickly understand the key points of the article.
It has been reviewed by our editorial team before publication. For complete information and full details, please read the full article.
- One scheme lets property owners build an additional home for children or grandchildren under specific conditions, even if building density is exhausted.
- The new unit may be built within the existing property, up to 150 square metres, or 180 square metres on larger plots.
- The second scheme offers state-owned plots to eligible families under 45 at 25% of market value, with around 570 plots initially available.
- Ioannou said housing policy remains a government priority, while fast-track permits have already benefited more than 15,000 families.
Two new housing schemes aimed at expanding home ownership options have been announced by Interior Minister Konstantinos Ioannou.
The schemes will allow owners of existing properties, under certain conditions, to build an additional home for their children or grandchildren, while state-owned plots will also be made available to families at 25% of their market value.
Presenting the schemes, Ioannou said they form part of the Government’s broader housing policy, which focuses on increasing the housing supply and strengthening citizens’ ability to secure a home.
Additional homes for children and grandchildren
The first scheme will allow owners of existing homes, subject to specific conditions, to create an additional housing unit for their children or grandchildren, even where the existing building density has already been exhausted.
The scheme will apply across Cyprus, with specific exceptions. The additional home can be created within the existing building, through an extension, the addition of another floor or the use of available space on the plot.
The new housing unit can have a buildable area of up to 150 square metres. On larger plots and subject to certain conditions, this can increase to 180 square metres.
The scheme will also provide certain parking-related concessions. The new unit cannot be transferred for 10 years, except in cases of inheritance.
According to Ioannou, the aim is to enable families to make use of property they already own, reducing both the need to find alternative housing and the cost of construction.
State plots offered at 25% of market value
The second scheme concerns the allocation of state-owned plots to families based on income and other eligibility criteria.
The plots will be offered at 25% of their market value to Cypriot citizens under the age of 45.
The scheme covers families with children, couples without children and single-parent families. Its main aim is to help young people and low- and middle-income families acquire land on which to build a home for their own use.
Expressions of interest will be submitted through Community Council presidents, who will forward preliminary applications to the relevant District Administrations.
In the first phase, around 570 plots across all districts will be allocated to eligible applicants who had previously expressed interest.
Further plots will be developed later, with particular emphasis on mountainous, remote and disadvantaged areas.
Existing schemes have supported thousands
Ioannou also presented figures on the implementation of the Government’s housing policy to date.
The Housing Scheme for young people and young families aged up to 41 has supported 700 beneficiaries, with total expenditure of €26 million. Its re-launch is being considered, subject to the availability of the necessary resources.
Between 2023 and 2026, 1,075 applications were approved under housing schemes for mountainous, border, disadvantaged and rural areas, with expenditure reaching €43 million.
During the same period, more than 6,500 applications were approved through housing schemes administered by the Service for the Care and Rehabilitation of Displaced Persons, with total funding of €168 million.
Meanwhile, the Affordable Housing Construction on State Land Scheme is progressing with the aim of creating 460 homes for affordable rent.
Through the Cyprus Land Development Corporation, 702 housing units are also at various stages of implementation, licensing or planning, while the development of 135 plots is being promoted.
In addition, planning incentives and the Built to Rent scheme are expected to add more than 4,100 housing units to the market over the next three years. Of these, 1,142 are expected to be made available for affordable purchase or rental.
Fast-track permits for more than 15,000 families
The Interior Minister also highlighted the Government’s fast-track planning and building permit reform.
By the end of August, permits had been issued within 40 working days for 2,533 detached and semi-detached homes, while 1,242 apartment buildings and townhouse developments had been licensed within 80 working days.
The developments involve more than 15,000 families, who, according to estimates, will be able to acquire their homes around one and a half years earlier.
Ioannou stressed that housing policy remains one of the Government’s key priorities, with the objective of achieving “more supply, more choices, faster implementation and meaningful support for citizens”.
Detailed guides for the two new Cyprus housing schemes are expected to be published on the Interior Ministry’s website in the coming days.
Also read: Bank haircut compensation may fall sharply this year
For more videos and updates, check out our YouTube channel
